Warren Buffett stops donating to Gates Foundation over Epstein revelations
Billionaire Warren Buffett announced Tuesday that he has decided to stop donating to the Gates Foundation after newly released government documents showed the charity’s figurehead, Bill Gates, once had close ties with convicted sex offender Jeffrey Epstein.
Buffett has given over $47 billion to the Gates Foundation in the past two decades. The former Berkshire Hathaway CEO is now giving $6 billion to four foundations connected to his own family.
By the end of 2034, all of his remaining Berkshire Hathaway stock, amounting to more than $140 billion, will be donated to charity. Buffett is set to turn 96 on Aug. 30.
The decision to donate his wealth to foundations run by his three children and another charity named after his late first wife shows the investor’s concern for his own family as he progresses in age.
“Of course, mortality is unpredictable, but my remaining shares will be donated to the four foundations one way or the other by December 31, 2034,” he said. “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 announcement did not mention Gates, but Buffett expounded upon his decision Wednesday morning in a CNBC interview.
While describing his longtime friend’s relationship with Epstein as “distasteful,” Buffett gave Gates some grace.
“I read a great deal since Jan. 1 in terms of what happened, with Bill and Epstein,” the 95-year-old billionaire said. “While it’s distasteful, while he made mistakes, I made mistakes, hiring all kinds of people, or choosing friends, and then finding out later that, one way or other, they weren’t what I thought they were. I found nothing in there that was beyond what I could picture myself doing.”
Buffett and Gates have been friends for 35 years, well over two decades before the Microsoft co-founder met Epstein. The two primarily discussed raising money for charitable causes between 2011 and 2014, although the fundraising never came to fruition.
Gates has since tried distancing himself from the disgraced financier, denying any knowledge of Epstein’s crimes. The 70-year-old philanthropist has not been accused of any wrongdoing by authorities or Epstein’s survivors.
Buffett noted he continues to stay in touch with Gates despite recent revelations surrounding his connections to Epstein.
“He came by Omaha three weeks ago,” Buffett said of Gates. “I kind of lose track of time, but certainly not three months, and we spent three hours talking together.”
“He intends to call me,” Buffett added. “He already proposed another meeting.”
The Gates Foundation, which primarily provides grants to combat infectious diseases and reduce global poverty, thanked Buffett for his financial contributions over the years.
BILL GATES SAID EPSTEIN’S WEALTH WAS ‘CONFUSING’ BUT MET WITH HIM OVER A DOZEN TIMES
“The Gates Foundation is grateful to Warren Buffett for his decades of support for our work,” the private organization said. “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 formerly had Gates’s wife, Melinda, in its name. The couple divorced in 2021, two years after Epstein’s death. Melinda French Gates has said her ex-husband’s association with the late sex offender was a major factor in their split.