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Warren Buffett Resigns From Gates and Melinda Foundation!

Warren Buffett Resigns From Gates and Melinda Foundation!

Warren Buffett, a longtime friend of Bill Gates stepped down from Bill and Melinda Gates Foundation (BMG) at an uncertain time, right after a month of Gates announcing their divorce after 27 years of marriage.

Warren Buffett, an American business magnate, investor, and philanthropist is also known as the “Oracle of Omaha”. He is one of the most successful investors of all time. Buffett runs Berkshire Hathaway, which owns more than 60 companies.

Buffett is donating the $4.1 billion in shares to five foundations, though the lion’s share went to the Bill and Melinda Gates Foundation (BMG). The BMG received more than $3.2 billion, bringing his total giving to the foundation to nearly $33 billion.

“For years I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG), I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,”

Buffett wrote in the statement.

March 2021, Bill Gates, the founder of Microsoft also decided to step down from his role on the Microsoft board of directors to focus solely on his work with the foundation. According to Bloomberg, he’s the fourth richest person in the world with a net worth of $145 billion after Jeff Bezos, Elon Musk, and Bernard Arnault.

Buffett is the world’s eighth richest person, with a net worth of $105 billion. He made his first million by running a hedge fund. Then he switched to owning small banks. Finally, he shut down his hedge fund and put all his money into running an insurance company.

According to CBS News, The 90-year-old billionaire on Wednesday also said that he has given away $4.1 billion’s worth of Berkshire Hathaway shares as part of his goal to donate 99% of his fortune.

“Over many decades I have accumulated an almost incomprehensible sum simply by doing what I love to do. Compound interest, a long runway, wonderful associates, and our incredible country have simply worked their magic. Society has a use for my money; I don’t.”

Warren Buffett shared his thoughts on wealth and philanthropy

Mr. Buffett’s departure surely raises a lot of questions about the foundation’s governance. It also came out in an uncertain time that opens the door to further questions about the state of the friendship between the two billionaires.

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Written by Hammad Khalid

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