Warren Buffett suddenly announced his departure from the Bill and Melinda Gates Foundation, what will the future of the $50 billion charity fund look like?

Tram Ho

Reuters reported that billionaire Warren Buffett said he would step down from the Bill and Melinda Gates Foundation board.

Buffett, 90, said in a statement yesterday that he “was an inactive board member” for many years at the foundation but has always been passionately supportive of CEO Mark Zuzman and their goals.” 100% sync”.

He did not elaborate on why he was resigning but said it was similar to when he served on all boards at companies other than Berkshire to reduce overwork.

Warren Buffett bất ngờ tuyên bố rời Bill and Melinda Gates Foundation, tương lai quỹ từ thiện 50 tỷ USD sẽ ra sao? - Ảnh 1.

Buffett also announced that he had just contributed an additional $ 4.1 billion, or nearly 15.2 million Berkshire B shares, to the Gates Foundation and four family charities, part of a pledge to give away 99% of his wealth.

Since 2006, he has donated more than $41.5 billion in Berkshire stock, including $32.7 billion, to the Gates Foundation. In total, this amount is equivalent to $ 100 billion because Berkshire shares have increased a lot.

“Over the decades, I have amassed a large amount of money by doing the things I enjoy. So society has the right to use my money: I don’t.”

Founded in 2000, the Gates Foundation is focused on improving poverty, disease, and inequality. They spent $54.8 billion in the first two decades.

The future of this fund is now more uncertain than ever since the two co-founders, Bill Gates and his wife, announced their divorce after 27 years of marriage.

In an email to Gates Foundation staff, CEO Suzman said he discussed with Buffett and Gates about tightening management and decision-making, and plans to share more information.

“I am firmly committed to following Buffett’s instructions to ensure we are the best stewards of his, Bill and Melinda’s philanthropic funds.”

In a statement released by the foundation, Bill Gates said he thanked him for his “lasting friendship” with Buffett and that “will always be deeply responsible” to Buffett. Meanwhile, Melinda French Gates said that Buffett’s guidance will help “shape the path into the future”.

Buffett’s contributions also went to the Susan Thompson Buffett Foundation, named after his late wife, and other foundations run by his children Howard, Susan including the Peter Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation.

If not for charity, Buffett’s fortune is probably close to that of Amazon founder Jeff Bezos – the richest man in the world today.

Bill Gates and Buffett were pioneers in signing the “Giving Pledge” – where more than 200 participants included billionaires Larry Ellison, Elon Musk and Mark Zuckerberg.

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Source : Genk