Warren Buffett has ceased directing donations to the Bill and Melinda Gates Foundation, shifting billions of dollars worth of Berkshire Hathaway shares to four foundations associated with his family. This decision follows weeks after Microsoft co-founder Bill Gates appeared before the U.S. House Oversight Committee to address his past ties to the late financier Jeffrey Epstein.
Buffett had made an "irrevocable" commitment in 2006 to annually donate shares of his company to the foundation, then known as the Bill and Melinda Gates Foundation, throughout his lifetime. However, the foundation was omitted from the list of recipients for substantial stock donations made on Thursday.
The shares will now be distributed among the four Buffett family foundations. Buffett, 95, stated that he plans to divest his remaining shares over the next eight years, ensuring they are donated by December 31, 2034.
Buffett's statement did not explicitly name Gates or Epstein. However, in March, Buffett told CNBC that he had not spoken with Gates since the details of Epstein's associations became public. Buffett also expressed a desire to avoid being called as a witness.
Gates testified before the U.S. House Oversight Committee in June regarding his relationship with Epstein, who died in a New York prison in 2019 while awaiting trial on sex trafficking charges. According to a transcript of his testimony, Gates stated he was introduced to Epstein in 2011 with the understanding that Epstein could help raise billions for global health initiatives, a primary focus of the Gates Foundation. Gates acknowledged awareness of Epstein's prior legal issues but admitted he did not fully grasp the extent of his crimes.
Gates told the committee, "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." Epstein had pleaded guilty to soliciting a minor for prostitution and procuring a person under age 18 for prostitution three years prior to Gates' initial meeting with him.
Buffett had previously been a strong supporter of the Bill and Melinda Gates Foundation, expressing admiration for its work in 2006 and pledging his ongoing financial support. In 2010, Bill and Melinda Gates, along with Buffett, co-founded The Giving Pledge, an initiative encouraging ultra-wealthy individuals to commit a majority of their fortunes to philanthropy.
Bill and Melinda Gates divorced in 2021 after 27 years of marriage. In 2024, Melinda French Gates resigned from the foundation and announced plans to donate $1 billion to support women's rights in the United States.