Warren Buffett, the billionaire investor, has characterized Bill Gates' past relationship with the late Jeffrey Epstein as "distasteful." Buffett made these remarks in comments to CNBC, stating that while he and Gates have shared a "wonderful friendship," his firm, Berkshire Hathaway, has altered its donation patterns.
In a notable shift, Berkshire Hathaway stopped its annual donations to the Bill and Melinda Gates Foundation for the first time in two decades. Instead, the company has redirected its remaining stock holdings to foundations associated with Buffett's family. This decision follows Gates' testimony to the U.S. Congress regarding his interactions with Epstein.
Gates, who has referred to Buffett as a "dear friend," testified before the U.S. House Oversight Committee in June. His testimony addressed his association with Epstein, who died in 2019 while awaiting trial on sex trafficking charges. Gates stated he was introduced to Epstein in 2011 as someone who could assist in raising substantial funds for global health initiatives, a key focus of the Gates Foundation.
"I recall being aware that Epstein had faced prior legal issues, but I did not fully understand the extent of the crimes he committed," Gates told the committee. Epstein had pleaded guilty in 2008 to charges related to soliciting a minor for prostitution. Gates acknowledged, "I should never have met with Epstein in the first place. Based on what I know now, I understand that even if he had delivered the donors he promised, it would not have justified associating with him."
Buffett confirmed he had reviewed Gates' testimony. "While it's distasteful, while he made mistakes, I've made mistakes in hiring all kinds of people, choosing friends and finding out later that one way or another they weren't what I thought they were," Buffett said. He added, "So, I found nothing in there that was beyond what I could picture myself doing."
According to Buffett, Gates was not surprised by the decision regarding the donations. The two billionaires met approximately three weeks prior to Buffett's comments for a three-hour discussion. Buffett, 95, reflected on his own life, stating, "At some point I had read what Congress had come up with, I'd read everything and all I can say is I don't know whether I've done dumber things but I've done many dumb things in life."
Buffett and Gates have maintained a long-standing relationship, meeting first in 1991. "It has been a wonderful friendship," Buffett remarked. Gates expressed his hope for continued time together. Since 2006, Buffett pledged to make annual donations to the foundation, which at that time was known as the Bill and Melinda Gates Foundation. Over the years, he has contributed approximately $47 billion to the charity. Despite this change, Buffett noted that the Gates Foundation possesses "very substantial resources" and, in 2025 alone, allocated $8.5 billion to charitable causes. Buffett also indicated that his initial pledge was made when he did not feel his children were prepared to manage such significant assets, but he now believes they are capable and aligned with his philanthropic goals.