Warren Buffett has stopped donating money to the Bill & Melinda Gates Foundation, concluding a 20-year philanthropic collaboration. The decision follows revelations about the Microsoft co-founder Bill Gates's interactions with the late sex offender Jeffrey Epstein.
Buffett announced on Tuesday that he is donating approximately $6 billion of Berkshire Hathaway stock, comprising 12 million Class B shares, in his annual mid-year donation. These funds will be distributed to four family foundations overseen by his children: Susie, Howard, and Peter.
Buffett's statement did not explicitly mention the Gates Foundation, which has been a major recipient of his generosity since 2006, when he pledged to donate shares throughout his lifetime. Last year, Buffett's donation to the foundation exceeded $4.5 billion. He stated that his remaining shares will be donated to the four foundations by December 31, 2034.
Bill Gates's reputation has faced scrutiny since the Department of Justice released files concerning Epstein in February. These documents included photographs of Gates with Epstein and indicated communications between Epstein and foundation staff. Gates has expressed regret for his past association with Epstein, stating he was introduced in 2011 and had several unfruitful meetings regarding philanthropy before their relationship ended by December 2014. Gates has also stated that Epstein attempted to use knowledge of his marital infidelity to pressure him into re-engaging.
Gates, who is 70, has not been accused of any crimes. He has denied spending time with Epstein's victims and stated he never witnessed criminal conduct by Epstein. The Wall Street Journal reported that Buffett was awaiting a review by the law firm WilmerHale into the Gates Foundation's connections with Epstein before making a decision about his donations.
Buffett has donated more than half of his Berkshire stock since beginning to give away his fortune in 2006. Prior to the latest donations, he held nearly 14% of Berkshire’s stock. The current donation includes 9 million Class B shares to the Susan Thompson Buffett Foundation and 1 million shares each to the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation. Buffett plans for these grants to increase annually.
Susie Buffett leads the Susan Thompson Buffett Foundation, which focuses on reproductive health and is named after her mother. The Sherwood Foundation supports Nebraska nonprofits and early childhood education. The Howard G. Buffett Foundation addresses global hunger, human trafficking, and conflict mitigation, while the NoVo Foundation supports initiatives for marginalized girls and women, and indigenous communities.
Buffett and Gates were long-time associates, frequently seen together at Berkshire's annual shareholder events. Gates stepped down from Berkshire's board of directors in 2020 after 16 years. Buffett himself departed as a Gates Foundation trustee in 2021, shortly after Bill and Melinda French Gates announced their divorce. In March, Buffett told CNBC that he and Gates had not spoken since the Justice Department released the Epstein files.