Billionaire philanthropist Bill Gates has reportedly ceased funding a $77 billion foundation known for supporting progressive causes and Democratic candidates.
This decision marks a significant shift in the Gates Foundation's approach to grant-making.
According to Breitbart, an internal communication from the Gates Foundation, as obtained by the New York Times, revealed that the foundation halted its financial support to organizations managed by Arabella Advisors in late June. The Daily Mail reported that executives from the Gates Foundation, which is primarily focused on global health initiatives, announced they would refrain from making new investments with "Arabella-related entities."
Furthermore, they would not renew existing grants to the consulting firm and would seek to "pursue early exits" from some long-term investments. The foundation cited a desire to engage more directly with grant recipients and reduce reliance on intermediaries as the motivation behind this strategic pivot.
The announcement emphasized that "teams are increasingly working directly with programmatic partners organizations that are deeply embedded in the communities we serve and [are] closely aligned with our mission."
It further stated, "As we look ahead, this is a chance to build deeper, more durable relationships with those partners and to reinforce the kind of legacy we want to leave behind."
A spokesperson for the Gates Foundation explained to the Times that the decision to part ways with Arabella was a "business decision that reflects our regular strategic assessments and partnerships." This move aligns with a broader trend of prioritizing direct engagement with communities and fostering partnerships that resonate with the foundation's core mission.
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