American business tycoon Warren Buffett on Wednesday, 23 June, stepped down as trustee of the Bill and Melinda Gates Foundation, one of the world’s most prominent private charitable organisations.
Further, Buffet, on Wednesday, delivered another $4.1 billion worth of Berkshire Hathaway (BRKa.N) stock to philanthropy, reported Reuters.
Buffett has, since 2006, been making contributions to five charitable foundations every year as part of a plan to distribute about 99 percent of his net worth to philanthropy.
“With today’s $4.1 billion distribution, I’m halfway there.”Warren Buffet, in a statement
In 2020, Buffett reported donating more than $2 billion worth of his Berkshire stock, to the Gates Foundation as part of previously declared plans to give away his entire fortune before his death.
Even though he is not reported to have clearly spelled out why he was exiting the Gates foundation board, he has expressed his support for the foundation’s current CEO and its direction.
“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. I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s," Buffett was quoted by Reuters as saying.
More About Bill and Melinda Gates Foundation
The 21-year-old Bill and Melinda Gates foundation has become one of the most powerful and influential forces in global public health space, spending more than $50 billion over the period of two decades, reportedly in a bid to bring “a business approach” to fighting poverty and disease.
Gates and Buffett pioneered “The Giving Pledge" campaign over a decade ago, urging dozens of American billionaires to give at least half their fortunes to charity.
Earlier in May, Bill and Melinda Gates announced the news of their divorce after 27 years of marriage, but also added in their statement:
“We continue to share our belief in the mission and will continue our work together at the foundation, but we no longer believe we can grow together as a couple in this next phase of our lives.”
(With inputs from Reuters.)
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