Warren Buffett Disowned His Granddaughter

Warren Buffett at the 2015 SelectUSA Investment Summit

 As someone who speaks and people listen, Warren Buffet is used to people scrutinizing his decisions. When he invests in a stock, people like to follow. The same goes for when he sells a particular stock. 

Warren Buffet isn't known for necessarily keeping his personal life private, comfortably opening up about his open marriage to his first wife, Susan Buffet. That doesn't mean he wants everything about his family in the public eye.

Investment Strategies and Philanthropy

If there's anything synonymous with Warren Buffet, it's either his innate sense of investing strategy or his serious philanthropy. Buffet, who is a well-known philanthropist mainly through the Gates Foundation, has signed on to The Giving Pledge, a group of billionaires who've promised, in writing, to donate up to 99% of their riches before they die. 

Recently, Buffet made headlines by selling off $8 billion worth of stock after selling off more than $13 billion for his company, Berkshire Hathaway. Steven Hanke, a professor of applied economics at Johns Hopkins University, said, “When a recession is right around the corner, Buffett knows that cash is king, particularly when he can earn a decent rate of interest on it.” As you would expect, the Market noticed the selloff. 

Controversy in The Buffet Family

Warren Buffet has three children. Howard, Susan, and Peter. He also has three grandchildren: Nicole Buffet, her sister Erica, and Howard Warren Buffet. Nicole, the adopted daughter of Buffet's son, Peter, revealed in 2006 during a Jamie Johnson documentary, The One Percent, that she isn't privy to the Buffet family fortune. 

According to Insider via The Wall Street Journal, Nicole remembers spending every Christmas from the age of four through 11 with her family at Warren Buffet's home in Omaha. Spring breaks with her grandfather were also a common occurrence. 

Unfortunately, all good things must come to an end, however, and for Nicole, that end came swiftly. After Nicole appeared in Johnson's documentary, Warren, who wasn't such a fan of the film, sent Nicole a letter stating in part, “I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece or a cousin.”

Family Division

Nicole told Insider, “For him to discard me like that was devastating…It permanently divided our family.” While Nicole isn't benefiting from her surname, despite its connotation to money and wealth, it's not all bad. 

The late Susan Buffet considered Nicole “an adored grandchild” and left her a total of $100,000. As she stated in her will, Nicole “shall have the same status and benefits…as if they were children of my son.” Erica likely also received part of Susan's will when she passed, considering Peter and his first wife, Mary, whom he divorced in 1993, adopted Erica and Nicole.

Reconnecting Over NFT's

Even though Buffet dealt a harsh blow to his granddaughter, he has reached out to share his excitement over her NFT (Non-fungible Tokens) art venture in recent years. Nicole, who is a digital and landscape artist based in Berkeley, California, said that while her grandfather isn't a fan of cryptocurrencies.

“What excites my grandfather the most is that it's really giving artists a chance to share their work, make a living on their work and express themselves,” she says. “If there's anything that's going to open him up to the world of NFTs and crypto, it is that.”

Nicole, who had an NFT art show scheduled in her grandfather's hometown of Omaha, Nebraska, said, “Translating my work into the digital sphere allowed me to open up new dimensions on different levels.”

Hopefully, this new venture for Nicole will also open up new lines of communication for her and her grandfather. 

Source: Insider, Benzinga, Coindesk

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Rebecca Holcomb is a mother of seven with extensive knowledge of lifestyle topics like family and parenting, food (especially cooking at home), book lists, and health and wellness, including natural remedies. As a former athlete, she utilizes walking and strength training to stay fit and combat stress. She loves to spend time reading, studying the Russo-Ukraine War, and learning about personal finance and politics. Rebecca has been a freelance writer for eleven years and a freelance journalist since 2018. Before joining the Wealth of Geeks Trending Topics team, she wrote for NickiSwift and TheThings.