OMAHA, Neb. — Warren Buffett, the renowned billionaire, has decided not to donate to Bill Gates’ foundation this year. This decision follows revelations of Gates’ association with Jeffrey Epstein, a convicted sex offender. Buffett announced he will contribute about $6 billion to four foundations tied to his family.
Buffett, in his statement, expressed his intention to donate his remaining Berkshire Hathaway stock, valued at over $140 billion, to charity by the end of 2034. Initially, his plan was for his three children to allocate his wealth within a decade following his passing at 95 years old.
“Although mortality is unpredictable, the shares will be donated to the four foundations by December 31, 2034,” Buffett stated. “The aim is for yearly grants to increase for each of the three foundations managed by my children and for the Susan Thompson Buffett Foundation to grow at a higher rate.”
Buffett did not immediately respond to queries on Tuesday. CNBC reported that Buffett was scheduled for an exclusive interview with them on Wednesday morning.
The Gates Foundation released a statement thanking Buffett for his donations, which amount to over $47 billion, contributing to enhancing health and opportunities globally. The foundation noted that it remains financially robust due to Gates’ commitment to contribute 99% of his fortune, with plans to close by 2045.
Buffett’s recent gifts align with previous year’s donations. Most of his donations, surpassing $61 billion, were made to the Gates Foundation following his 2006 pledge to give away his wealth. He consistently donated Berkshire Hathaway shares to the Gates Foundation and his children’s foundations. This year, he’s giving around $4.5 billion in stock to the Susan Thompson Buffett Foundation and approximately $500 million each to the Sherwood Foundation, Howard G. Buffett Foundation, and Novo Foundation.
Epstein’s ties have been denied by Gates, who claims no awareness of Epstein’s criminal activities and has not faced any charges. Gates mentioned he met Epstein with hopes of raising funds for charities.
Epstein was accused of abusing numerous underage girls and was found dead in New York City’s federal lockup in August 2019, with his death ruled as suicide.
Buffett’s decision to end contributions to the Gates Foundation posthumously was announced in 2024. His latest announcement accelerates this plan.
Buffett and Gates were once close friends, engaging in frequent communication, online bridge games, and vacations. Gates previously served on the Berkshire Hathaway board, and Buffett was on the Gates Foundation board. Buffett has not communicated with Gates for several months following the release of Epstein-related documents.
In the past, Buffett defended Gates. At a Berkshire Hathaway shareholder meeting three years ago, he interrupted a presenter who questioned Gates’ connections with Epstein, resulting in the presenter’s arrest, though charges were later dropped.
Buffett expressed astonishment at Epstein’s successful deception, acknowledging Epstein’s ability to exploit vulnerabilities, including sex and power.
Gates discussed his Epstein affiliations with his foundation staff. The Justice Department released documents showing Gates’ interactions with Epstein, including emails, calendar entries, and event photos.
The Gates Foundation announced hiring someone to evaluate previous engagements with Epstein and review future partnership policies. An update on the investigation is expected in summer.
Buffett expressed dismay at the involvement of influential individuals in the Epstein scandal, marveling at Epstein’s audacious manipulations.
Buffett is relieved Epstein never visited Omaha, his residence for over six decades. Recognized as the world’s greatest investor, Buffett transformed Berkshire Hathaway, acquiring businesses like Geico, Dairy Queen, and BNSF Railroad.
Buffett stepped down as Berkshire CEO in January after six decades but continues as chairman and principal shareholder. Greg Abel succeeded him as CEO.