I still need the reassurance of a familiar brand before it's a real story - Tony Maddox, CNN senior VP
Buffet, who is worth more than $44 billion, was Gates' role model and the two have become close friends since they first met in 1991.
According to Fortune magazine, Buffett will give away his Berkshire Hathaway fortune to charity, something he'd previously promised to do after he croaked.
The Bill & Melinda Gates Foundation will get $30 billion. Buffett says that they inspired him into thinking about giving money back to society. Buffett will be joining them as trustees of the Foundation.
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