{"id":129842,"date":"2021-06-23T13:13:17","date_gmt":"2021-06-23T13:13:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129842"},"modified":"2021-06-23T13:13:17","modified_gmt":"2021-06-23T13:13:17","slug":"warren-buffett-resigns-from-the-gates-foundation","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/warren-buffett-resigns-from-the-gates-foundation\/","title":{"rendered":"Warren Buffett resigns from the Gates Foundation."},"content":{"rendered":"


\n<\/p>\n

By <\/span>Michael J. de la Merced<\/span><\/p>\n

Warren Buffett, the chairman and chief executive of Berkshire Hathaway, said on Wednesday that he had resigned as a trustee of the Bill and Melinda Gates Foundation, weeks after the couple announced their divorce.<\/p>\n

Mr. Buffett, a longtime friend of Mr. Gates, had been a huge presence at the Gates Foundation: It is one of five nonprofit organizations to which he has pledged the majority of his fortune \u2014 estimated at $105.3 billion, according to Forbes \u2014 and the only one not run by a member of the Buffett family.<\/p>\n

All told, Mr. Buffett, 90, has donated $41 billion worth of Berkshire stock to the five foundations. In the announcement on Wednesday, he said he has donated an additional $4.1 billion.<\/p>\n

\u201cFor years I have been a trustee \u2014 an inactive trustee at that \u2014 of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG),\u201d Mr. Buffett said in a statement. \u201cI am now resigning from that post, just as I have done at all corporate boards other than Berkshire\u2019s.\u201d<\/p>\n

Mr. Buffett did not give a reason for his action. The foundation\u2019s reputation for global philanthropy has lately been overshadowed by reports of Mr. Gates\u2019s questionable conduct in work-related settings. The New York Times has reported that on at least a few occasions, Mr. Gates pursued women who worked for him at Microsoft and at the foundation, according to people with direct knowledge of his overtures.<\/p>\n

In 2019, Microsoft\u2019s board, on which Mr. Gates sat, opened an inquiry into one of those cases after being notified that he had \u201csought to initiate an intimate relationship with a company employee in the year 2000,\u201d a Microsoft spokesman said. The board hired a law firm to investigate.<\/p>\n

The following year, Mr. Gates stepped down from Microsoft\u2019s board. He also stepped down from Berkshire\u2019s board, saying then, \u201cWarren and I were the best of friends long before I joined and will be long after.\u201d<\/p>\n

On Wednesday, Mr. Buffett acknowledged in his statement the recent debate over how little in income tax American billionaires \u2014 including himself \u2014 pay. Citing leaked Internal Revenue Service data, the news organization ProPublica reported that the Berkshire chief paid just $23.7 million in taxes from 2014 to 2018, a period when his wealth grew $24 billion.<\/p>\n

Without referring to the ProPublica article specifically, Mr. Buffett acknowledged that he had \u201crelatively little\u201d income, with his wealth flowing largely from his Berkshire holdings. He also argued that his charitable donations led to only about 40 cents in tax savings per $1,000 in donations.<\/p>\n

A longtime advocate of tightening tax rules for the wealthy, Mr. Buffett said Wednesday that although tax deductions were important to some wealthy donors, \u201cit is fitting that Congress periodically revisits the tax policy for charitable contributions, particularly in respect to donors who get imaginative.\u201d<\/p>\n

Together with Melinda French Gates, Mr. Buffet and Mr. Gates created the Giving Pledge in 2010, a public commitment to philanthropy in which signatories promise to give away the bulk of their wealth. Taking their cues from the Gateses and Mr. Buffett, hundreds of the world\u2019s wealthy have signed up.<\/p>\n

This is breaking news. Check back for updates.<\/em><\/p>\n

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By Michael J. de la Merced Warren<\/p>\n","protected":false},"author":3,"featured_media":129841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nWarren Buffett resigns from the Gates Foundation. - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/warren-buffett-resigns-from-the-gates-foundation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warren Buffett resigns from the Gates Foundation. - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"By Michael J. de la Merced Warren\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/warren-buffett-resigns-from-the-gates-foundation\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-23T13:13:17+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Warren-Buffett-resigns-from-the-Gates-Foundation..jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/warren-buffett-resigns-from-the-gates-foundation\/\",\"url\":\"https:\/\/precoinnews.com\/business\/warren-buffett-resigns-from-the-gates-foundation\/\",\"name\":\"Warren Buffett resigns from the Gates Foundation. - 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