Warren Buffett halts annual donations to Gates Foundation amid Epstein revelations | Today’s news
Billionaire investor Warren Buffett has excluded the Bill and Melinda Gates Foundation from his annual charitable giving for the first time in nearly two decades, instead announcing donations of about $6 billion to four foundations linked to his family. This allegedly happened after the publication of information about the past connection of Microsoft co-founder Bill Gates with convicted sex offender Jeffrey Epstein.
Since Buffett pledged to give away most of his fortune in 2006, he has donated more than $61 billion to the Gates Foundation, making it the largest recipient of his charitable giving.
Instead, Buffett said he would donate about $4.5 billion in Berkshire Hathaway stock to the Susan Thompson Buffett Foundation and about $500 million each to the Sherwood Foundation, the Howard G Buffett Foundation and the NoVo Foundation, which are run by his three children, according to the Associated Press.
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Buffett is revising long-term charitable plans
Buffett also revised his long-term charitable plans, saying that all of his remaining Berkshire Hathaway stock, currently worth more than $140 billion, will be donated by December 31, 2034.
“Obviously mortality is unpredictable, but my remaining shares will be donated to four foundations one way or another by December 31, 2034,” Buffett was quoted as saying by the Associated Press.
Previously, Buffett had planned for his three children to divide his remaining fortune within 10 years of his death.
The latest announcement accelerates a decision Buffett revealed in 2024, when he said the Gates Foundation would no longer receive donations after his death and that his children would oversee the distribution of his remaining estate, the AP reported.
The Rift follows the Epstein revelations
Buffett’s decision comes months after scrutiny of Bill Gates’ past meetings with Jeffrey Epstein was renewed following the release of documents linked to the late financier.
Although Gates has denied any knowledge of Epstein’s crimes and has not been accused of any wrongdoing, it has revived questions about their relationship. Gates said he only met with Epstein because he believed the financier could help raise money for philanthropic causes.
Buffett and Gates were once among the closest billionaires in the world. Gates sat on the board of Berkshire Hathaway for years, while Buffett served as a trustee of the Gates Foundation.
But Buffett told CNBC earlier this year that he hadn’t spoken to Gates in months, even before the Epstein files were released.
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Buffett distances himself
Buffett said in an interview with CNBC that he was impressed by Epstein’s ability to gain the trust of influential people.
“It’s amazing to me that someone can be as successful as a con artist,” Buffett said.
Without directly mentioning Gates, Buffett said he preferred to avoid any connection to matters that could later become the subject of an investigation.
Meanwhile, the Gates Foundation thanked Buffett for his decades of support, saying his contributions of more than $47 billion have helped expand its global work in health and development.
The foundation also said it remains financially secure as Gates has pledged to donate 99% of his remaining assets and plans to spend the foundation’s assets before it closes in 2045.
