It's true. The following comes from
http://www.microsoft.com/permission/copyrgt/cop-img.htmUse of Name and/or Likeness of Bill Gates:
The name and likeness of Bill Gates are protected by publicity and privacy rights. Microsoft does not allow the name or likeness of Bill Gates, nor the Microsoft corporate name, to be used in a way that would imply sponsorship, affiliation, or endorsement of third party products, companies, or services by Microsoft and/or Bill Gates. Permission will not be granted for these types of requests.
If you wish to use photographs of Bill Gates for reporting purposes, please contact the photographer who created the work, or Waggner Edstrom at 425-637-9097.