Warren Buffett resigns as Gates Foundation trustee, donates another $4.1 billion for philanthropy

By: |
June 23, 2021 6:26 PM

The 21-year-old foundation has become one of the most powerful and influential forces in global public health, spending more than $50 billion over the past two decades to bring a business approach to combating poverty and disease.

He did not clearly state why he was leaving the Gates foundation board at this time, and expressed his support for the foundation's current CEO and its direction. (Reuters image)

Warren Buffett on Wednesday resigned as trustee of the Bill and Melinda Gates Foundation, one of the world’s largest private charitable organizations, as he delivered another $4.1 billion worth of Berkshire Hathaway stock to philanthropy.

Buffett has been making annual contributions to five charitable foundations since 2006 as part of a plan to distribute about 99% of his net worth to philanthropy.
“With today’s $4.1 billion distribution, I’m halfway there,” Buffett said in a statement.

He did not clearly state why he was leaving the Gates foundation board at this time, and expressed his support for the foundation’s current CEO and its direction.
Bill Gates and his wife Melinda, co-founders of the foundation, filed for divorce in May after 27 years of marriage but have pledged to continue their philanthropic work together.

The 21-year-old foundation has become one of the most powerful and influential forces in global public health, spending more than $50 billion over the past two decades to bring a business approach to combating poverty and disease.

Last year, Buffett reported donating more than $2 billion worth of his Berkshire stock, to the Gates Foundation as part of previously announced plans to give away his entire fortune before his death.

“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. I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” Buffett said.

Gates and Buffett pioneered “The Giving Pledge” campaign over a decade ago, urging dozens of U.S. billionaires to give at least half their fortunes to charity.

Many billionaires have since then been active in philanthropy in everything from genetic and cancer research to education, gun control and libraries and the arts.

MacKenzie Scott, ex-wife of Amazon.com Inc billionaire founder Jeff Bezos, has donated over $4 billion towards food banks and emergency relief funds in previous months.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Strategic Shifts: Adopting a product-based approach to get a head start
2Re-skilling Staff: Closing the digital gaps
3Nokia G20: Good looking, premium-styled device that’s built to last