Warren Buffet is known as one of the best investors in the history of the stock market. His principles and teachings have always been widely used and regarded by the financial analysts and are one of the top 10 richest men in the world. Warren Buffet is the 8th richest man in the world and is also known for his pledging and charitable works. The 90 year old billionaire has announced to resign from Bill and Melinda Gates Foundation. Let’s look at the reason behind it.
Warren Buffet – Latest News
Why did Warren Buffet Resigned from Gates Foundation?
Warren Buffet Donation in Gates Foundation
Bill Gates on Warren Buffet Resigning from Gates Foundation
Development in Gates foundation
FAQ
Warren Buffet – Latest News
On 23 June 2021, the billionaire and the most famous investor in the world, Warren Buffet has announced that he is resigning from the Bill and Melinda Gates Foundation. He has donated more than half of his wealth towards donation and charitable purposes since he had pledged 15 years ago in order to give away his fortune by running Berkshire Hathaway Inc.
Why did Warren Buffet Resigned from Gates Foundation?
Warren Buffet did not provide any specific reason as to why he was stepping down from the position. He has said in a statement that he has been an inactive trustee of the organization for a very long time.
Warren Buffet has been resigning from the posts of all the corporate boards that he is part of other than Berkshire Hathaway. However, the decision to step down from the board of the Gates Foundation comes at an odd time when Bill Gates and Melinda Gates has announced to end their 27 years of marriage.
Alan Joseph
Warren Buffet Donation in Gates Foundation
On the same day, Warren Buffet also announced that he has given away USD 4.1 billion worth of the shares of Berkshire Hathaway as part of his pledge to donate 90% of his wealth. Warren Buffet is halfway there while considering the most recent donation.
He conveyed that over many decades he has been able to gather a lot of wealth by just doing what he loves the most to do. He added that compound interest, a long runway, associates, and the country have worked their magic.
Warren Buffet has announced to donate USD 4.1 billion in shares to five different foundations which include Bill and Melinda Gates Foundation. However, it is estimated that the major share of the donation was given away to the Gates Foundation. The Gates Foundation has received around USD 3.2 billion and the total donation made by the billionaire is around USD 27 billion.
Warren Buffet’s donation also goes to another foundation named Susan Thompson Buffet Foundation which is run by the children of Warren Buffet Howard, Susan and Peter. The foundation is named after his late wife. The other two foundations where he has donated the shares are the Novo Foundation and the Sherwood Foundation.
Bill and Melinda Gates on Warren Buffet Resigning from Gates Foundation
Bill Gates had conveyed in a statement about Warren Buffet’s resignation and said that, he is grateful for the great friendship with Warren Buffet and added that he would always have a sense of maintaining a deep accountability to Buffet.
Melinda Gates had also conveyed her message saying that, the teachings of Warren Buffet will help the foundation in charting a way forward.
Ashwini
Development in Gates foundation
Suzman had sent an email to the employees of Bill and Melinda Gates Foundation where he had discussed with Warren Buffet and Bill and Melinda Gates on how to strengthen the decision making and governance and added that he would share more information about it in the month of July.
He said that he has been discussing about long-term stability and the sustainability about the Foundation due to the recent announcement of the divorce of Bill and Melinda Gates. He also added that he is fully concentrated on following the guidance provided by Warren Buffet in order to use to resources provided by Buffet, Bill and Melinda in the best way possible.
Conclusion
According to certain estimations and findings of the Forbes magazine, if Warren Buffet did not donate most of his wealth to charitable purposes he would have had a net worth that would be equal to the CEO of Amazon Jeff Bezos who is the world’s richest person.
FAQ
What companies do Warren Buffett Own?
Warren Buffett runs Berkshire Hathaway, which owns more than 60 companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
What is the net worth of Warren Buffett?
The net worth of Warren Buffett is estimated to be around 10,500 crores USD.
What is the purpose of Bill and Melinda Gates Foundation?
The Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and to lift themselves out of hunger and extreme poverty.
Author: Alan Joseph
Source : https://startuptalky.com/warren-buffet-exits-gates-foundation/
Date : 2021-06-24T06:13:49.000Z