How much will Warren Buffett distance himself from Bill Gates after these recent allegations against Bill Gates?
The Oracle of Omaha just resigned from the Gates Foundation. But he’s still on the hook for billions in future donations to the troubled charity.
arren Buffett, the ninth-richest person in the world, appears to be taking steps to distance himself from his embattled billionaire friend Bill Gates, resigning from his position as a trustee of the Bill and Melinda Gates Foundation after 15 years in that role.
Buffett’s departure, announced on Wednesday, comes as the foundation is embroiled in multiple scandals, including allegations of misconduct toward women—directed at both Bill Gates and the money manager of the Gates Foundation’s endowment, Michael Larson. Both men deny the allegations.
The timing of his resignation also comes shortly after Buffett himself was the subject of a ProPublica investigation into how little income tax billionaires pay, which reported Buffett’s “true tax rate” as only one-tenth of 1 percent between 2014 and 2018.
These recent controversies are especially notable for the 90-year-old Buffett—who has largely avoided close scrutiny through decades of work as a high-profile investor and public figure. Buffett’s widely cited financial advice often doubles as a kind of grandfatherly wisdom—”Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”—and has helped earn him the nickname “the Oracle of Omaha.”
His resignation from the Gates Foundation’s board appeared almost as a footnote in a lengthy public letter he published earlier this week reflecting on his years of philanthropic giving. While Buffett offers no acknowledgement of the misconduct allegations surrounding the foundation, buried in the letter is an assertion that his “goals are 100% in sync with those of the foundation.”
Yet tax experts note that Buffett may not have much choice in the matter. He appears to be legally obligated to continue giving billions of dollars to the foundation.
