Will the Gates Foundation Lose Warren Buffett's Donations? The Long Friendship and Future of the Foundation
TapTechNews August 5th news, The New York Times released a report titled Has the long friendship between Bill Gates and Warren Buffett come to the final stage?, stating that billionaire Warren Buffett has been dissatisfied for many years with the operation mode of the Bill & Melinda Gates Foundation.
According to reports, sources said that the chief executive officer of Berkshire Hathaway recently stated that after his death, the charity will no longer receive his funds. Buffett believes that the foundation is bloated and has overly high operating costs. Buffett also told employees that the Gates Foundation has become complacent and lacks interest in risks that might improve the efficiency of its donations.
Buffett has been a major donor to the Gates Foundation, donating more than $39 billion (TapTechNews note: currently about 279.652 billion Chinese yuan) from 2006 to 2023. Over the years, Buffett and Bill Gates have established a close friendship. In 2021, Buffett said that his goal is completely in line with the goal of the foundation.
The New York Times pointed out that Buffett attached three conditions to his donations: Bill Gates or Melinda French Gates must remain active in the foundation, Buffett's donations must be regarded as charitable donations rather than gifts, and the value of his annual donations must be donated within one year, excluding the 5% already required by the charity.
At the same time, sources told The New York Times that Buffett has clearly told the Gates Foundation not to expect to continue receiving his funds for a long time because he is old and his commitment only covers his lifetime. According to his will, the remaining wealth will be handed over to a charitable trust fund supervised by his three children, who must unanimously decide how to spend the money.
Melinda French Gates, who stepped down from the foundation in May this year, said in an interview with The New York Times last month that she was not surprised by Buffett's decision, adding that she knew Buffett was making this decision.
Although the Gates Foundation could theoretically still receive more of his wealth after Buffett's death, sources said that Buffett's three children all agreed not to donate the remaining Berkshire Hathaway shares to the Gates Foundation.
Buffett himself clearly stated in June this year, The Gates Foundation will not receive any money after my death.