A few weeks after Bill-Belinda Gates split, Warren Buffett resigned today as Gates Foundation Trustee. But before leaving the foundation, the philanthropist extraordinaire donated another $4.1 billion. The $4 billion came from Buffett’s own Berkshire Hathaway’s stock.
A few weeks after Microsoft co-founder Bill Gates and Gates foundation executive Melinda Gates divorced, a new development has emerged in philanthropist and billionaire Warren Buffett resigning as the Gates Foundation trustee.
“Goals 100% in sync with foundation”
The 90-year-old billionaire in his statement said-
“My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”
At 90 years, Buffet is one of the oldest billionaires living today. After his exit as the trustee, he also said how he had reached halfway mark in his pledge of giving away his entire Berkshire Hathaway share to charity.
“Bill-Melinda better at running charities”: Buffett
In 2016, Buffett, who still serves as the CEO of Berkshire Hathaway, pledged to donate a significant chunk of his wealth to Gate’s Foundation as both Bill and Melinda did “a better job” at running the charities than Buffett himself.
Buffett’s association with Gates Foundation
So far, Warren has given away over $27 billion of his own earnings to various philanthropic ventures. As per Gates Foundation’s statement, buffett has no say in the foundation’s investment decisions. For the uninitiated, Gates Foundation is a philanthropic organization whose board members are Bill Gates, Melinda Gates and Warren Buffett himself.
In his statement, Mr. Buffett also claimed that Mark Suzman, who’s the CEO of Gates Foundation, is “an outstanding recent selection who has my full support.” Suzman was earlier reported to have told the employees of Gates Foundation that he is on the lookout for “strengthening the long-term sustainability and stability of the foundation.”
Gates Foundation CEO, Suzman also claimed that the now divorced Gates couple have-
“reaffirmed their commitment to the foundation and continue to work together on behalf of our mission.”
The Gates-Buffett Friendship
It should be noted that both Buffett and Gates have been long term partners and friends. The duo have been outspoken about their friendship and have each other’s commitment to philanthropy. While Buffett served as a board member in Gates Foundation, Bill for the longest time served in the Berkshire’s board and in 2020 stepped out from the position.
In his statement after exiting as Gates Foundation trustee, Buffett also said-
“In June of 2006, I owned 474,998 “A” shares. Now, I own 238,624 shares, worth about $100 billion.”
Buffet also curbed all the potential rumours of upheaval in the foundation and said-
“Please understand that these remarks are no swan song. I still relish being on the field and carrying the ball. But I’m clearly playing in a game that, for me, has moved past the fourth quarter into overtime.”
Buffet also said-
“The $41 billion of Berkshire shares I have donated to the five foundations has led to only about 40 cents of tax savings per $1,000 given. That’s because I have relatively little income. My wealth remains almost entirely deployed in tax-paying businesses that I own through my Berkshire stockholdings, and Berkshire regularly reinvests earnings to further grow its output, employment and earnings.”
“What made me happy at 40, makes me happy at 90”
The simple-living, high-thinking billionaire also said that his income from his other assets lets him live the way he wishes to.
“My needs are simple; what made me happy at 40 makes me happy at 90,”
-his statement read.
Earlier this month, Amazon founder Jeff Bezos’ wife Mackenzie Scott donated $2.7 billion to a total of 286 recipients. These 286 recipients also had Indian non-profits like GiveIndia & Goonj in its list.