In 2021, The New York Times and Business Insider reported allegations of workplace misconduct by Michael Larson, the longtime head of Cascade Investment, the private firm that has managed and diversified Bill Gates's fortune since 1994. Former employees alleged that Larson made racist and sexist remarks, bullied staff, and fostered a 'culture of fear'; the Times reported that Cascade had reached settlements with several people who had complained. Larson acknowledged occasionally using harsh language but denied mistreating employees, and Cascade defended his conduct and decades-long investment record. The reporting drew scrutiny to the secretive operation underpinning Gates's wealth; the allegations have not been tested in court.