Berkshire Hathaway CEO Warren Buffett resigns as a trustee at the Bill & Melinda Gates Foundation and donated half his wealth to charity.
The 90-year-old billionaire said he has donated $4.1 billion credit of Berkshire Hathaway shares as part of his objective to donate 99% of his wealth, putting him halfway towards his goal. He said his remaining 238,624 class A shares are worth about $100 million.
He motivated other well-off people to give away the majority of their capitals as the simplest accomplishment in the world is to donate the money that will never be of any substantial use to you or your kin.
The Bill & Melinda Gates Foundation was created in 2000, and it is funded by the former couple’s revenue as well as several other trustees. With a 50 billion dollar funding, the foundation is not only the biggest private charity group but is also considered the most powerful. The retirement announcement came weeks after Bill Gates and Melinda announced their divorce after 27 years of marriage.
Following the divorce story, Bill Gates has been in the news, including reports of his behavior towards female workers and an inquiry into his inappropriate relationship with a female Microsoft staffer. Warren’s resignation has sparked several questions about the structure of the leadership after reports of Bill Gates’s behavior in the bureau. Although, Warren did not address any such questions.
As Warren resigns, Bill and Melinda Gates issued separate testimonies thanking Warren for his efforts and craftsmanship. The Gates wrote, they are pleased and thankful for Buffett’s management, benevolence, and friendship.
Buffett’s philanthropic work comprises 16 annual offerings to five foundations, which then allocate budgets to various NGOs. The foundations include – The Bill & Melinda Gates Foundation, three foundations operated by his children, and the Susan Thompson Buffett Foundation, which was named after his late wife.
Warren has started walking away from his leadership position at Berkshire Hathaway, as well as roles on other corporate boards. Buffet revealed that he would soon step down as CEO of Berkshire Hathaway.