Widow who unexpectedly got a massive $1 billion in stock reveals why she gave it all away

Earlier this year, the widow of a billionaire investor donated $1 billion to Albert Einstein College of Medicine in the Bronx to cover tuition for all current and future students, forever. Ruth L Gottesman had received the unexpected fortune after the death of her husband and long-time friend of Warren Buffet, David Gottesman.

"He left me, unbeknownst to me, a whole portfolio of Berkshire Hathaway stock," Gottesman told The New York Times. While her husband instructed her to do whatever she felt was right, she thought it was best to present a gift that would change thousands of lives forever. Her donation is the largest ever to a U.S. medical school, according to a statement from the college. At the time, Gottesman served as the chair of Einstein’s board of trustees and had previously served as a professor of pediatrics at the school.

An act that will change thousands of lives 

Gottesman told The Times that initially, she couldn't decide what to do with the money. She explained that after her children advised her not to wait too long, she had a realization that she should donate the money in full to the med school. As per the school's press release, she began her career at the college in 1968 and served in various roles across the years. 

"I wanted to fund students at Einstein so that they would receive free tuition," Ruth Gottesman told the Times. In its statement, the college added that her gift is intended to attract "a talented and diverse pool" of pupils who may not have been able to pursue a medical education on their own.

Medical schools are notoriously expensive, which often leads to students getting saddled with exorbitant student loans. As per Forbes, about one year of tuition at Einstein costs about $59,000. Thus, the donation will help students save over $200,000 over the course of their education at the school. The college had mentioned that Ruth Gottesman's donation was large enough to cover tuition for all future students of the school in perpetuity. 

Continuing her husband's legacy

David Gottesman, who was known as Sandy, co-founded the investment firm First Manhattan. As per Forbes, David Gottesman was worth $3 billion at the time of his death in 2022, and much of his fortune came from 6,402 class A shares of Berkshire Hathaway stock. He shared a six-decades-long friendship with the conglomerate's founder, Warren Buffet, and was an early investor and board member of the company.  

The billionaire investor also served as the chairman of Yeshiva University’s board of trustees and was a great philanthropist. The couple had previously helped create the Ruth L. and David S. Gottesman Institute for Stem Cell Research and Regenerative Medicine. Before his death, Gottesman made a handful of donations. As per Forbes, over his lifetime David Gottesman donated over $300 million to charitable causes, including  $25 million to Yeshiva University in 2008.

Ruth Gottesman has also been an active philanthropist. She has previously invested in the Jewish community, education, and health programs, and she helped set up The Gottesman Fund in 1965, according to the Foundation Guide.

This article originally appeared 3 months ago.