A 96-year-old American named Ruth Gottesman (Ruth Gottesman) announced on Monday the donation of $1 billion worth of Berkshire Hathaway shares, an unexpected legacy left to her by her late husband when she died in 2022.
According to the Foundation's Guide, Gottsman's husband David “Sandy” Gottsman began his career in the 60's when he was Warren Buffett's friend, making him one of Berkshire Hathaway's earliest investors. He later founded his own investment company First Manhattan Co. (First Manhattan Co.) , now run by his son.
When David passed away in 2022, the wealth he left behind surprised even his wife. In an interview, Ruth said, “He left me a complete Berkshire Hathaway stock portfolio without my knowledge,” and told her to “do what you think is right.”
At first, Ruth didn't know what to do with this huge inheritance, but this week she made a decision to donate all of the money to Albert Einstein Medical School in New York City's poorest Bronx district.
“I want to fund Einstein College students so they can get their tuition waived,” Ruth said.
Albert Einstein College of Medicine said in a press release that Ruth's donation amount is so large that the money will always pay the tuition fees of the medical school's students. All current fourth graders will be reimbursed for their 2024 spring tuition fees, and starting in August, all current and future students will attend school for free.
On Monday morning local time, Gottesman personally announced the news to the current students at the medical school. The video shows that when she said the words “free tuition,” the students in the auditorium burst out cheering. People clapped warmly, jumped from their seats, and some even cried.
Ruth Gottsman is an emeritus clinical professor of pediatrics at Albert Einstein College of Medicine, and according to the school's press release, she began her career at the college in 1968. From 2007 to 2014, she was the Chairman of the School Board.
According to reports, Albert Einstein College of Medicine costs more than $59,000 a year, and many graduates are in debt of more than $200,000.