Billionaire investor Warren Buffett omitted the Bill & Melinda Gates Foundation from his annual charitable donations this year, following disclosures of the Microsoft co-founder's ties to convicted sex offender Jeffrey Epstein. Buffett announced on Tuesday that he would donate about $6bn to four foundations connected to his own family, marking a significant shift from his previous practice of regularly contributing to the Gates Foundation.
Buffett accelerates timeline for giving away his fortune
In his statement, Buffett also revealed that he wants all of his remaining Berkshire Hathaway stock, worth more than $140bn, donated to charity by the end of 2034. This accelerates the previous plan, which called for his three children to distribute his fortune within 10 years of his death. "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," Buffett 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."
Buffett and the Gates Foundation did not immediately respond to questions on Tuesday. CNBC reported that Buffett is scheduled to give the channel an exclusive interview on this topic on Wednesday morning.
Details of the $6bn donation
Buffett's latest gifts are roughly equal to last year's donations. He plans to give about $4.5bn in stock to the Susan Thompson Buffett Foundation this year and about $500m in shares each to the Sherwood Foundation, the Howard G. Buffett Foundation, and the Novo Foundation—philanthropies run by his children. The total amount of donations announced Tuesday is similar to the approximately $6bn in donations he made last summer, but with his family foundations receiving significantly more than in previous years, effectively accounting for the money that would have gone to the Gates Foundation.
Since announcing his plan to give away his fortune in 2006, the majority of Buffett's charitable gifts—worth more than $61bn—have gone to the Gates Foundation. He has been regularly donating blocks of Berkshire Hathaway stock to the Gates Foundation and the four family foundations.
Gates' ties to Epstein
Gates has denied any ties to Epstein's crimes and has not been accused of any wrongdoing. He stated that he only met with Epstein because he thought it might help raise money for charitable causes. Epstein, who was accused of sexually abusing dozens of underage girls, was found dead in August 2019 at the Manhattan federal lockup; his death was ruled a suicide.
Buffett had already indicated in 2024 that he planned to cut off donations to the Gates Foundation after his death, letting his children decide how to distribute his fortune. The decision announced Tuesday accelerates that plan.
Friendship between Buffett and Gates
Buffett and Gates were exceptionally close friends, often talking, playing bridge online, and taking vacations together. Gates served on Berkshire Hathaway's board for years, and Buffett sat on the board of the Gates Foundation. However, Buffett told CNBC in March that he had not spoken to Gates for months, since before the Epstein files were released in the fall of 2025. In the past, Buffett defended Gates; three years ago, he cut off a shareholder who questioned Gates' character over his Epstein ties. The shareholder, Peter Flaherty, was arrested for trespassing, though the charge was later dropped.
Buffett's comments on Epstein
Buffett told CNBC, "It is astounding to me that anybody could be that successful as a con person," referring to Epstein's ability to exploit weaknesses. He declined to discuss Gates' involvement, saying he does not want to be involved with anything that could be investigated later. Gates has appeared multiple times in Justice Department documents related to Epstein, including email correspondence about philanthropic projects, calendar entries, and photos. The Gates Foundation announced in March that it hired someone to assess its past engagement with Epstein and review policies for vetting future partnerships. An update is expected this summer.
Buffett expressed amazement at how many wealthy and powerful people were caught up in the Epstein scandal. "I mean, here you had a guy that was a convicted guy, a sensational con man, and the percentage of people that he knocked off... I don't see how anybody could have pulled that off," he said. Buffett noted that he is glad Epstein never came to Omaha, where he has lived for over six decades. Buffett stepped down as Berkshire CEO in January after 60 years, remaining as chairman and largest shareholder, with Greg Abel as CEO.
