Billionaire Warren Buffett dropped the Bill & Melinda Gates Foundation from his annual giving list this year. Buffett will donate approximately $6 billion in Berkshire Hathaway shares to four foundations related to his family, and he made no mention of Gates at all in his donation announcement on Tuesday.
Buffett also said in the statement that he hopes to donate all of his remaining Berkshire Hathaway shares, worth more than $140 billion, to charity by the end of 2034. The previous plan was to have his three children distribute their remaining wealth within ten years after the death of the 95-year-old legendary investor.
Buffett said in a statement: "Of course, it is difficult to predict a person's life span, but in any case, all the remaining stocks in my name will be donated to these four foundations before December 31, 2034. My plan is that the annual donations to the foundations managed by my three children will increase year by year, and the annual donation amount allocated to the Susan Thompson Buffett Foundation will be set at a higher rate."
Buffett’s latest donation is roughly the same as last year’s donation
Since Buffett announced his plan to donate all his wealth in 2006, he has donated more than $61 billion, the vast majority of which has gone to the Gates Foundation. He has previously donated Berkshire Hathaway stock in batches to the Gates Foundation and four foundations run by his three children.
This year, Buffett plans to donate shares worth approximately US$4.5 billion to the Susan Thompson Buffett Foundation, and approximately US$500 million each to the Sherwood Foundation, the Howard G. Buffett Foundation, and the Novo Foundation. All three institutions are managed by his children.
Therefore, the total size of his donation announced on Tuesday is similar to the approximately $6 billion donated last summer. Compared with previous years, the Buffett family's foundation has received a significant increase in donations. These extra funds were originally planned to be allocated to the Gates Foundation.
Gates denies any connection to Epstein's crimes
Gates said he had no knowledge of Epstein's crimes and had not been accused of any wrongdoing. He said that when he met Epstein, he just thought he might be able to use him to raise funds for charity.
Epstein, who was accused of sexually abusing dozens of underage girls, died in a Manhattan federal detention facility in August 2019. The New York City Medical Examiner's Office later ruled the death a suicide.
Buffett stated in 2024 that he planned to stop donating to the Gates Foundation after his death and let his three children decide how to distribute his remaining wealth. The decision, announced on Tuesday, will accelerate the plan.
Two billionaires were once best friends
Buffett and Gates had a very close friendship in the past. The two often talked to each other on the phone, played bridge together online, and even went on vacation together. Gates served on the board of directors of Buffett's conglomerate for many years, and Buffett also served as a director of the Gates Foundation. But Buffett revealed in an interview in March this year that he had not contacted Gates for several months since the fall of 2025 before the release of Epstein-related files.
Buffett has always supported Gates in the past. Three years ago, at the Berkshire Hathaway shareholder meeting, a participant used Gates's dealings with Epstein to question his character. Buffett interrupted the person's speech on the spot. The man, Peter Flaherty, was arrested for trespassing that day despite being allowed to speak on stage in advance. The charges were later dropped, but the incident sparked a lawsuit that is still pending in court.
Buffett can't believe so many people were deceived by Epstein
Buffett said in an interview: "It really shocks me that someone can cheat to this extent." Epstein was very good at exploiting the weaknesses of others for personal gain. Buffett would not discuss Gates' involvement in the matter, but he said he did not want to be tainted by anything that might be investigated in the future.
Recently, Gates has spoken with foundation staff about his dealings with Epstein. The U.S. Department of Justice released an investigation file against the late sex offender, and Gates' name appeared many times in the document. The U.S. Department of Justice files include email exchanges between Gates and Epstein discussing charity projects, calendar notes documenting meetings between the two, and photos of Gates attending events the two attended together.
The Gates Foundation announced that it had hired a specialist in March this year to verify all of the foundation's past dealings with Epstein and to revise relevant systems to strictly review all future charity partners. Gates and other foundation board members expect to receive a phased report on the verification this summer.