Warren Buffett Resigns From Bill And Melinda Gates Foundation After Giving Out Another $4.1 Billion

Warren Buffett said on Wednesday that he will donate another $4.1 billion to charitable organizations and will resign as a trustee of the Bill and Melinda Gates Foundation.

Buffett’s most recent wealth transfer is part of a 2006 commitment to give away all of his shares in Berkshire Hathaway, the Nebraska-based company he has overseen since 1970. Buffet claimed he is “halfway there” in donating the majority of his money, with Berkshire Hathaway shares accounting for 99 % of his net value.

The Bill and Melinda Gates Foundation, the Susan Thompson Buffett Foundation named after his late wife, and charitable organizations created by his children are among the beneficiaries of Buffett’s gifts.

Buffett claimed it was the “easiest thing in the world” to “give away money that will never be of any meaningful benefit to you or your family” in a lengthy, self-reflective statement.

“A far more noble kind of charity than mine is the donation of one’s own time and effort,” he said. “I haven’t done much of that.”

“The heroes of charity are those who offer their love and time to directly benefit others — maybe with a monetary donation that compels them to forego the acquisition of something significant for their own use,” Buffett said. “There are millions of such donors in America.”

For years, the billionaire has been an “inactive trustee” and has resigned from other business boards, according to him.

“My interests are completely aligned with the foundation’s, and my physical engagement is not required to achieve these objectives,” Buffett stated.

Buffett was one of the foundation’s only three trustees, the other two being Bill and Melinda Gates, who is now divorcing.

Buffett is stepping down as a trustee, but CEO Mark Suzman said in a statement to Gates Foundation workers that he is “continuing his extraordinary financial support,” noting that Wednesday’s contribution was the largest to date and that he had donated over $33 billion to the foundation.

“I understand Warren’s departure raises concerns about the foundation’s governance,” continued Suzman. “As I have stated, in light of Bill and Melinda’s recent news of their divorce, I have been actively discussing with him, Bill, and Melinda methods to enhance our governance to offer long-term stability and sustainability for the foundation’s governance and decision-making.”

“Additional information” will be released in July, according to Suzman.

Meanwhile, Bill Gates said the foundation “will always have a profound sense of accountability to Warren, paying careful attention to the statistics to measure our success and highlight where we can do better” in a statement.

“However, the significance of Warren’s contribution beyond all measurement,” Bill Gates remarked. “I am indebted to him for his wisdom and leadership, as well as his unwavering friendship. As we endeavor to combat poverty and assist millions of people to live better lives, Warren will continue to inspire our foundation.”

In a separate statement, Melinda Gates expressed her gratitude for Warren’s “generosity, leadership, and friendship.”

“Through our foundation’s second decade, his knowledge has been a guiding light, and the lessons we’ve gained from him will continue to help us chart a path forward,” she added.

Bill and Melinda Gates announced their divorce last month after almost three decades of marriage but said they would continue to work together at their foundation.

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!