Warren Buffett Halts Donations to Bill Gates Foundation
Warren Buffett has significantly reduced his donations to the Bill and Melinda Gates Foundation, citing a loss of trust in the organization and its management. Since 2006, Buffett has contributed over $43 billion, but recent changes in the foundation's operations and Bill Gates' behavior have led to Buffett's concerns about complacency and inflated operational costs.
The foundation, once a major beneficiary of Buffett's philanthropy, is now facing scrutiny for its bureaucratic practices and high salaries, which detract from its mission. Buffett's distancing from Gates has been exacerbated by Gates' divorce from Melinda, further straining their long-standing friendship.
Despite these tensions, the Gates Foundation remains one of the wealthiest philanthropic entities globally, with $77 billion in assets. However, it plans to spend down its endowment within 20 years after the deaths of its founders, indicating a potential end to its influence in the future.