Gates Foundation Launched Review Into Epstein Ties

One of the world's largest charitable foundations is shrinking its payroll and scrutinizing its past. The Gates Foundation plans to eliminate up to 500 jobs—about a fifth of its workforce—over several years as it looks to keep operating expenses to 14% of its total budget, which stands at about $9 billion a year, reports the Wall Street Journal and Bloomberg. The initial phase calls for cutting about 200 of its 2,375 positions by the end of 2027 and trimming travel and other expenses.

CEO Mark Suzman told staff the moves come at a "challenging time" but are needed to protect the group's long-term work; the Seattle-based foundation, which holds an $86 billion endowment and focuses largely on health and development in Africa, is slated to wind down in 2045.

Suzman also disclosed an external review of "past foundation engagement with [Jeffrey] Epstein" and its vetting of new partners. The review, which began in March with backing from Bill Gates and board members, follows renewed attention to Gates' contacts with Epstein; he is expected to testify before Congress in June. The New York Times reports the foundation did not disclose who is conducting the review—though using a corporate law firm would be customary—or whether the results would be shared publicly. The foundation said in a statement that "we expect the board and management will receive an update this summer."