Warren Buffett ends Gates Foundation donations after Epstein revelations, redirects $6 billion to family charities

Warren Buffett has ended a philanthropic partnership with the Bill & Melinda Gates Foundation that spanned two decades and more than $47 billion in donations, redirecting his annual giving to four family-run foundations after new revelations about Bill Gates's ties to the late sex offender Jeffrey Epstein.

The break

Buffett, who turns 96 in August, announced on Tuesday a nearly $6 billion donation of Berkshire Hathaway stock to foundations run by his children Susie, Howard and Peter, plus the Susan Thompson Buffett Foundation named after his late wife. The Gates Foundation was absent from the list for the first time since Buffett began his annual giving programme in 2006. The investor said he intends to dispose of his entire Berkshire stake within eight years, targeting 31 December 2034 as the deadline.

My goal is to get rid of all my Berkshire shares within eight years.

The Epstein factor

The decision follows the US Department of Justice's release in February of files documenting interactions between Bill Gates and Jeffrey Epstein, who died in a Manhattan jail cell in August 2019 after his arrest on sex trafficking charges. Congress has also investigated the matter, and Gates met with lawmakers last month. In an interview with CNBC on Wednesday, Buffett described Gates's friendship with Epstein as "distasteful" but added he could picture himself making a similar error in choosing associates.

I found nothing in there that was beyond what I could picture myself doing.

Buffett said he had read everything Congress produced and had re-evaluated his whole situation. The two billionaires met in Omaha three weeks ago, and Buffett said the decision did not come as a surprise to Gates. In March, Buffett had stated the two had not spoken since "the whole thing was unveiled."

Two decades of giving

Since 2006, Buffett had donated more than $47 billion of Berkshire stock to the Gates Foundation, making it the primary beneficiary of his annual giving. He served as a trustee of the organisation until 2021. Even before the Epstein revelations, Buffett signalled in 2024 that upon his death his remaining wealth would go to a foundation tied to his family. Melinda French Gates left the foundation after her divorce from Bill Gates in 2024.

The new recipients

Tuesday's donation involved converting 8,000 Berkshire Hathaway Class A shares into 12 million Class B shares. Each of the three children's foundations received 1 million shares, while the Susan Thompson Buffett Foundation received 9 million shares. Buffett said the goal is for grants to the three children's foundations to grow annually, with the Susan Thompson Buffett Foundation's grant growing at a slightly faster pace. After the latest round, Buffett still holds 188,290 Class A shares and 1,162 Class B shares. Bloomberg estimates his total fortune at about $148 billion, placing him 10th on the list of the world's richest people.

Mortality is unpredictable, but my remaining shares will be donated to the four foundations, one way or another, by 31 December 2034.

Gates's response

Bill Gates, 70, has repeatedly expressed regret for having anything to do with Epstein and has not been accused of any crimes. In a congressional appearance in June, he said he did not fully understand the scope of Epstein's crimes when they met at gatherings linked to potential philanthropic projects. The Gates Foundation thanked Buffett for decades of support and said its financial strength is not in question, citing Bill Gates's $200 billion commitment.

We thank Warren Buffett for the support he has given our work over decades.