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Company that manages Bill Gates's fortune accused of culture of fear

Gates's reluctance to take decisive action at Cascade goes against the image he created of a philanthropist and champion of women's empowerment.

Bill Gates, Microsoft
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Bill Gates is accused of ignoring toxic work culture at a company that manages his fortune. (File photo)

Anupreeta Das, Emily Flitter and Nicholas Kulish | NYT
For 27 years, Bill Gates has entrusted the management of his enormous wealth and the endowment of his giant foundation to a single man: Michael Larson.

Mr. Larson has invested the Microsoft co-founder’s money in farmland, hotels, stocks, bonds, even a bowling alley. Thanks in part to Mr. Larson and the soaring value of Microsoft’s shares, Mr. Gates’s fortune has gone from less than $10 billion to about $130 billion.

But Mr. Larson, 61, also engaged in a pattern of workplace misconduct at Mr. Gates’s money-management firm, Cascade Investment, according to 10 former employees as well as others familiar with