SCHEDULE 13G/A: Gates Foundation Trust Maintains 7.2% Stake in Waste Management
Beneficial Ownership Report
Gates Foundation Trust and William H. Gates III report a 7.2% beneficial ownership in Waste Management, Inc., with Melinda French Gates no longer a reporting person.
Summary
- Gates Foundation Trust and William H. Gates III jointly report beneficial ownership of 28,934,344 shares of Waste Management, Inc. common stock.
- This represents 7.2% of the 402,867,051 shares outstanding as of October 24, 2025.
- The filing indicates a change in reporting persons, with Melinda French Gates and Cascade Investment, L.L.C. no longer included.
- The Bill & Melinda Gates Foundation Trust officially changed its name to Gates Foundation Trust effective January 6, 2025.
- The shares are held for investment purposes and not to change or influence control of the issuer.
Sentiment
Score: 6
Explanation: Neutral to slightly positive. The filing is a routine ownership disclosure, but the continued significant stake by a prominent trust like the Gates Foundation Trust in Waste Management, Inc. can be seen as a positive signal of long-term confidence in the company and sector. The removal of Melinda French Gates as a reporting person is a factual change in reporting, not necessarily a negative for the company itself.
Positives
- Continued significant investment by a prominent charitable trust (Gates Foundation Trust) in Waste Management, Inc.
- The investment is for passive purposes, indicating confidence in the company's long-term prospects without seeking control.
Negatives
- NA
Risks
- NA
Future Outlook
This filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding the issuer's future performance or outlook. It primarily details the current ownership structure of the reporting persons.
Management Comments
- The filing includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.
Industry Context
This filing reflects a significant, passive investment by a major charitable trust in Waste Management, Inc., a leading company in the environmental services industry. Such long-term institutional holdings can signal stability and confidence in the sector's fundamentals, particularly given the essential nature of waste management services.
Comparison to Industry Standards
- NA. This filing is a beneficial ownership report and does not provide performance metrics for comparison to industry standards or competitors.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Reporting Person | Melinda French Gates | NA | NA | No longer a reporting person hereunder as of this amendment. |
| Reporting Person | Cascade Investment, L.L.C. | NA | NA | No longer a reporting person hereunder as disclosed in a prior amendment. |
| Trustee of Gates Foundation Trust | NA | William H. Gates III | NA | Confirmed as Trustee and reporting person. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Name Change | Bill & Melinda Gates Foundation Trust changed its name to Gates Foundation Trust. | 2025-01-06 | A formal name change for the reporting entity, not directly impacting Waste Management's corporate governance. |
| Power of Attorney | William H. Gates III, as Trustee, appointed Alan Heuberger as attorney-in-fact for filings related to securities held by the Trust. | 2025-01-06 | Streamlines administrative processes for SEC filings by the Trust and William H. Gates III. |
Legal Proceedings
- NA. This filing does not mention any legal proceedings.
Related Party Transactions
- NA. This filing does not disclose any related party transactions.
Stakeholder Impact
- Shareholders: The continued significant, passive investment by the Gates Foundation Trust may be viewed positively, signaling long-term confidence in Waste Management, Inc.
- Management: The filing reaffirms that the investment is not for control purposes, allowing management to focus on strategic operations without immediate activist pressure from this specific shareholder.
Next Steps
- The reporting persons will continue to file amendments to Schedule 13G as required by changes in their beneficial ownership percentage or other material events.
Key Dates
| Date | Description |
|---|---|
| 2010-09-17 | Initial Schedule 13G filing date by Cascade Investment, L.L.C., the Trust, William H. Gates III, and Melinda French Gates. |
| 2024-12-30 | Notarization date for Special Power of Attorney for William H. Gates III. |
| 2025-01-06 | Effective date for the name change from Bill & Melinda Gates Foundation Trust to Gates Foundation Trust. |
| 2025-01-06 | Effective date of Special Power of Attorney appointing Alan Heuberger as attorney-in-fact. |
| 2025-09-30 | Date of event which requires filing of this statement. |
| 2025-10-24 | Date as of which 402,867,051 shares of Common Stock were outstanding, as reported in the Issuer's Form 10-Q. |
| 2025-10-28 | Filing date of Issuer's Form 10-Q reporting outstanding shares. |
| 2025-11-14 | Signature date for the Schedule 13G Amendment No. 10. |
Recommendation
holdThis Schedule 13G filing is a routine disclosure of beneficial ownership and does not contain new financial performance data or strategic updates that would warrant a change in investment recommendation. The Gates Foundation Trust maintains a significant, passive stake, which is a neutral to slightly positive signal, but not a catalyst for a 'buy' or 'sell' decision. Investors should continue to monitor Waste Management's operational and financial performance for investment decisions.
Keywords
Waste Management, Gates Foundation Trust, William H. Gates III, WM, beneficial ownership, Schedule 13G, institutional investment, common stock
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