No swan song, says Warren Buffett as he quits Gates Foundation

Warren Buffett, right,speaks while Bill Gates looks on at Columbia University in New York, US, in this January 27 2017 file photo. Picture: REUTERS/SHANNON STAPLETON

Buffett has contributed more than $27bn of his own money to the charity over the past 15 years. He is one of the Gates Foundation’s three board members, alongside Bill Gates and Melinda French Gates, who announced last month they are splitting after 27 years of marriage. Buffett did not mention the divorce as a reason for his resignation, while giving a broader statement about his philanthropic goals, taxes and dynastic wealth.

He said it’s “fitting” for the US Congress to periodically revisit tax policy for charitable contributions, especially when certain donors become “imaginative”.Buffett’s resignation from the Gates Foundation board marks another shift in the long-time partnership and friendship with Bill Gates. Gates has built the foundation into a powerhouse of charitable giving, in part due to his riches as the fourth-wealthiest person, with a $144.7bn fortune, according to the Bloomberg billionaires index.

Buffett has been pulling back on travel commitments in recent years, including stepping down from the Kraft Heinz board in 2018. The CEO still runs his sprawling conglomerate, which is valued at more than $634bn, but recently shared that Greg Abel, a vice-chair who oversees all of Berkshire’s noninsurance operations, is the top candidate to succeed him if he steps back.

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