Apr 23, 2026
As it continues to deal with the fallout of its co-founder's association with Jeffrey Epstein, the Gates Foundation plans to cut up to 500 jobs in the coming years — as much as 20% of its workforce — according to a memo sent to staff earlier this week, The Wall Street Journal reports.
In addition, it will conduct an external review of its ties to the convicted sex offender, who died in 2019.
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Bill Gates, who co-founded the philanthropic organization with his now ex-wife in 2000, said he regretted his association with Epstein, but denied participating in any crimes at a town hall meeting. He also apologized for having affairs with two women.
The foundation plans to cut 200 jobs by the end of 2027 and reduce other expenses, such as travel. The review of the organization's relationship with Epstein is already underway, with the first update expected this summer (1).
Buffett pullback
The revelations about Epstein's connections to Bill Gates could cost the Gates Foundation the financial support of his long-time friend Warren Buffett, who has been a significant contributor in the past.
Appearing on CNBC earlier this month, Buffett indicated he had retreated from his friendship with Gates, saying "Until it gets cleared up ... I just don't think it makes sense to do a lot of talking." Asked if he would continue to give money to the foundation, Buffett said "I'll wait and see what unfolds ... I don't have to make that decision today. And I haven't made it today. … I've learned things I didn't know about something for all these years (2)."
That's a big change from what he said in 2006, when he said he was "irrevocably committing" to make gifts of Berkshire shares to the foundation every year "throughout my lifetime." He initially also planned to continue those after his death, but in 2024, he confirmed he'd written the foundation out of his will (3).
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Global impact
The Gates Foundation currently has an $86-billion endowment. It has focused much of its efforts on global health, particularly in Africa, with special attention to infectious diseases and child mortality.
It has been responsible for immunizing 760 million children against polio to date through its contributions to Gavi, the Vaccine Alliance (4). In the U.S., the foundation has focused on improving high school graduation rates and college access for low-income students, including funding 20,000 scholarships to students of colour (5).
It is scheduled to end its work in 2045 (6), but a pullback in services between now and then could have a large impact on regions that have come to depend on its aid. Many of those areas are already seeing the effects of the shutdown of the U.S. Agency for International Development (USAID).
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
The Wall Street Journal (1); CNBC (2),(3); Gates Foundation (4),(6); Gates Millennium Scholars Program (5)
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Chris Morris is a veteran journalist with more than 35 years of experience, the majority of which were spent with some of the Internet’s biggest sites, including CNNMoney.com, where he was director of content development, and Yahoo! Finance, where he was managing editor. His work has also appeared on Fortune, Fast Company, Inc., CNBC.com, AARP, Nasdaq.com, and Voice of America, as well as dozens of other national publications.
