WHAT’S BEING CLAIMED:
- Warren Buffett has resigned from his post as trustee of the Bill and Melinda Gates Foundation.
- He did not state his reasons, but expressed his support for the foundation’s current CEO and its direction.
- Buffett said he was halfway through his mission to distribute 99% of his wealth to philanthropy after his most recent $4.1 billion donation.
Warren Buffett announced his resignation as trustee of the Bill and Melinda Gates Foundation, one of the world’s largest private charitable organizations, on Wednesday, as well as his philanthropic donation of another $4.1 billion worth of Berkshire Hathaway stock.
Buffett, who has made it his mission to distribute 99% of his wealth to philanthropic efforts, has been annually donating to five charitable foundations since 2006. He said on Wednesday, “With today’s $4.1 billion distribution, I’m halfway there.”
Buffett donated over $2 billion worth of his Berkshire stock to the Gates Foundation last year as part of his mission.
“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,” Buffett had stated. “I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s.”
While he did not give a clear reason for his resignation from the Gates Foundation board, he expressed his support for the foundation’s current CEO and its direction.
Bill Gates and his wife Melinda co-founded the charitable organization about 21 years ago. After 27 years of marriage, the two have filed for divorce in May. Still, they have pledged to continue their philanthropic work together.
The foundation has since championed global public health efforts, spending more than $50 billion over the past two decades to help battle poverty and disease.
More than a decade ago, Gates and Buffett also pioneered “The Giving Pledge” campaign, which urges billionaires to give back at least half their fortunes to charity.
The campaign has since inspired many billionaires to be active in philanthropy by donating to several causes — from genetic and cancer research to education, gun control, libraries, and the arts.