Why did Warren Buffett resign?
Last March, he stepped down from his role on Microsoft's board of directors to focus solely on his work with the foundation. Buffett is the world's eighth-richest person, with a net worth of $105 billion, according to Bloomberg. CBS NewsWarren Buffett resigns from Gates Foundation, donates $4.1 billion
Who is Warren Buffett?
Omaha, Nebraska, U.S. Warren Edward Buffett (/ˈbʌfɪt/ BUFF-itt; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. ... Buffett has been the chairman and largest shareholder of Berkshire Hathaway since 1970. wikipedia.orgWarren Buffett
The New York Times reported that Buffet—a close friend and bridge partner of Microsoft co-founder and former chairman Bill Gates for decades—gave no reason for his decision to cease his role as a trustee. It’s particularly notable because the 90-year-old Buffett gave $30.1 billion to the foundation in 2006 and, according to the Times, said in a statement he has since donated another $4 billion on top of that. In that statement, Buffett went out of his way to distance himself from the charitable organization, saying he hadn’t been active in the role for an unspecified time.
“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),” Buffett wrote in the statement. “I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s.”
While Buffett may have elected not to explain his decision, it’s easy to speculate that it has something to do with a number of blows to Bill Gates’s reputation in recent years. Those include his impending divorce from his spouse Melinda, which reportedly has something to do with news breaking of his years-long habit of socializing with notorious, late billionaire pedophile Jeffrey Epstein (including at the latter’s residence) against her wishes. It also includes reports, acknowledged as true by spokespeople for Gates, that he had an affair with a Microsoft employee around the year 2000.
Buffett, as the Times noted, has seen his own image take a hit recently. ProPublica recently published a leak of Internal Revenue Service documents showing despite a gain of $24.3 billion in Buffett’s net worth over the years 2014 to 2018, he was able to skate by paying just $23.7 million in taxes. In his statement to the paper, Buffett claimed he had “relatively little” income as most of his wealth was in Berkshire Hathaway holdings and that he only saved 40 cents in taxes for every $1,000 he donated.
Read full article at Gizmodo
23 June, 2021 - 08:03am
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 per cent 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.