A Friendship Forged in Fortune: The Story of Warren Buffett and Bill Gates
Two of the world’s richest billionaires, Warren Buffett and Bill Gates, have maintained a close friendship over several decades. Their relationship began on a special day: July 5, 1991.
On that day, Bill Gates’ mother, Mary Gates, invited Washington Post editor Meg Greenfield to her home. Greenfield brought along her good friend, Warren Buffett.
Initially, both men were reluctant to meet. Gates was not keen on taking time off work, and Buffett wondered how long he’d have to stay to be considered polite. However, they hit it off immediately, and their encounter sparked a lasting friendship and mutual mentorship.
Gates was impressed by Buffett’s inquisitive nature and his ability to ask thought-provoking questions. During their first meeting, Gates advised Buffett to invest in Intel and Microsoft, setting the tone for their future interactions.
Over the years, Buffett frequently attended Microsoft events, even though he never invested in the company or joined its board, citing conflict of interest due to his close personal relationship with Gates. Conversely, Gates didn’t share the same concern and joined Berkshire Hathaway’s board in 2004, after the passing of Buffett’s first wife, Susan.
Both icons are renowned for their laser-like focus on work. Gates learned time management from Buffett and borrowed the book ‘Business Adventures,’ which remains his favorite business book to this day. In 2000, inspired by Buffett, Gates established the Bill & Melinda Gates Foundation, and in 2010, they co-founded The Giving Pledge, encouraging billionaires to donate most of their wealth to charity.
Buffett pledged to donate 99% of his wealth to charity, with a significant portion going to the Gates Foundation. According to the New York Times, his contributions from 2006 to 2023 totaled at least $39 billion, including the appreciation of Berkshire stock.
During the COVID-19 pandemic, Buffett referred to Gates as his “scientific advisor,” and the Gates Foundation committed $100 million to combat the outbreak. Before the pandemic, they were often spotted testing mattresses, eating Dairy Queen ice cream, and playing table tennis in Buffett’s hometown.
Throughout the pandemic, they maintained weekly phone calls lasting over an hour. Yahoo reported that they were “talking more than ever.”
In 2020, Gates stepped down from the boards of Microsoft and Berkshire Hathaway to focus on philanthropy. However, recent reports suggest a shift in their dynamic. According to the New York Times, Buffett became disillusioned with the Gates Foundation’s bureaucratic inefficiencies and was dismayed by reports of Gates’ unkind behavior toward others.
The revelation of Gates’ meetings with convicted sex offender Jeffrey Epstein in 2019, which Gates claimed were for charitable purposes, further strained their relationship. In 2021, Gates and his wife, Melinda, announced their divorce after 27 years of marriage. Soon after, Buffett also stepped down from the Gates Foundation’s board, stating that his presence was no longer necessary as he fully supported the foundation’s goals.
While Gates acknowledged in a 2022 post that half of the Gates Foundation’s budget came from Buffett, the nonagenarian Buffett has stated he won’t continue donating after his death. In 2023, he announced plans to leave his remaining wealth to his three children, none of whom are expected to continue funding the Gates Foundation, according to the New York Times.
Once a frequent topic in Gates’ blog posts, their friendship has taken on a more solemn tone in recent years, with Gates primarily expressing gratitude for Buffett’s donations. As of mid-2024, Gates has only mentioned Buffett once, again in the context of thanking him for his contributions.
On June 27, 2024, Buffett announced he would donate 12.4 million shares of Berkshire Hathaway Class B stock, worth approximately $6 billion, to five charitable organizations, with the Gates Foundation receiving the lion’s share of 9.4 million shares, valued at about $4.6 billion.
While their relationship may have evolved, the impact of their friendship and shared vision for philanthropy continues to leave an indelible mark on the world.
Source: BI
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