Warren Buffett is not known as a gambling man by any stretch of the imagination, and in fact, he is staunchly against gambling calling it demeaning. But, there are some instances where Warren Buffett will actually gamble for a good cause, and there was a recent million dollar bet that Warren Buffett placed against a collection of hedge funds ten years ago. He said that if he lost the bet he would lose ten million and if he won he would give the ten million to charity.
Warren officially won his bet in December 2017 with the proceeds going to the Girls Inc. local affiliate in Warren Buffett’s hometown of Omaha, Nebraska. The club is similar to the boys and girls clubs that are located throughout the country, and they service young girls ages 5 to 18 with after-school programs and tutoring. With such a big donation Girls Inc. is sure to have funding that they desperately need to keep their programs running, and Warren Buffett and Bill Gates have both made a pledge to donate most of their fortunes to charity after their demises.
Girls Inc. right now has an annual budget of $2.8 million so this is going to be much-needed money for the club to make improvements on their facilities. Warren Buffett is no stranger to helping this organization either, previously he held a charity auction and sold off a good deal of his personal items to benefit the organization as well. The money is also going to go toward moving sixteen girls out of foster care and will go toward their transitioning program as they move into adulthood. Warren Buffett is not a greedy man by any means, and when he does make a gamble it really does make a difference for a lot of people.