By Christina Wilkie - 12/15/10 12:08 AM EST
According to the White House, Buffett, the head of Berkshire Hathaway, and Bill Gates, co-founder of Microsoft, along with his wife, Melinda, discussed “The Giving Pledge,” an initiative started in August with 40 pledges. It encourages the world’s richest people to give away most of their money to charity either during their lives or after their deaths.
Buffett, 80, has committed 99 percent of his fortune, estimated by Forbes at $45 billion.
The Oval Office meeting came a day ahead of a planned discussion Wednesday between Obama and 20 corporate executives about similar issues.