Billionaire Warren Buffett has decided to exclude the Bill & Melinda Gates Foundation from his annual donations this year. This change follows revelations about Microsoft co-founder Bill Gates’ connections to Jeffrey Epstein, a convicted sex offender. Instead, Buffett will donate approximately $6 billion to four foundations associated with his family. In his announcement, he deliberately omitted any mention of Gates.
Buffett also revealed his intention to allocate all of 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 distribute his remaining fortune within a decade of his passing. However, he now intends to ensure the stock is donated to the four foundations by December 31, 2034, regardless of mortality.
Buffett noted, “The goal is to have the grants grow annually to each of the three foundations managed by each of my children and the annual grant to the Susan Thompson Buffett Foundation grow at a somewhat greater rate.”
The Gates Foundation expressed gratitude to Buffett for his previous contributions, which have greatly supported its mission. “The Gates Foundation is grateful to Warren Buffett for his decades of support for our work. His gifts, totaling more than $47 billion, have helped us expand and deliver on the foundation’s mission to improve health and opportunity for people around the world,” the foundation stated.
Over the years, the majority of Buffett’s charitable donations have been directed to the Gates Foundation. Since announcing his plan in 2006, Buffett has contributed over $61 billion, primarily in the form of Berkshire Hathaway stock. This year, he plans to donate around $4.5 billion to the Susan Thompson Buffett Foundation and $500 million each to the Sherwood Foundation, Howard G. Buffett Foundation, and Novo Foundation, which are managed by his children.
Buffett and Gates’ Changing Relationship
Buffett and Gates shared a close friendship, frequently speaking, playing bridge online, and even vacationing together. Gates sat on the board of Buffett’s conglomerate, and Buffett was on the board of the Gates Foundation. However, Buffett admitted to CNBC that they haven’t spoken for months, a period predating the release of Epstein-related documents.
Despite past support for Gates amid controversies, Buffett clearly indicated his current distance from anything related to Epstein. He commented on Epstein’s deceptive nature, expressing disbelief at how Epstein succeeded in manipulating many influential figures.
The Gates Foundation is conducting an internal review of its past interactions with Epstein and assessing its future partnership vetting practices. Gates maintains he had no knowledge of Epstein’s crimes and has not been accused of any wrongdoing.
Buffett, renowned for his investment acumen, built Berkshire Hathaway into a powerhouse by acquiring companies like Geico, BNSF Railroad, and Dairy Queen. Though he stepped down as CEO, he remains chairman and the largest shareholder. Greg Abel now serves as CEO.