Warren Buffett Breaks Silence on Bill Gates' Epstein Ties as He Cuts Foundation From $140B Fortune

Billionaire investor Warren Buffett has publicly described Bill Gates's past association with Jeffrey Epstein as 'distasteful' for the first time. His remarks came as the Berkshire Hathaway chairman explained why he is ending the Gates Foundation's role in managing his charitable legacy.

Why Warren Buffett Spoke Out

Rather than being a reaction to Bill Gates's connection to convicted sex offender Jeffrey Epstein, Warren Buffett said on Wednesday that his decision to exclude the Gates Foundation from his philanthropy stems from his confidence that his three children are now ready to manage his entire wealth.

While describing Gates's relationship with Epstein as 'distasteful' during a CNBC interview, Buffett indicated that the Microsoft co-founder's misjudgement mirrored his own past mistakes in misjudging associates or hiring staff. Reflecting on these shared human errors, the 95-year-old billionaire remarked: 'No one bats a thousand in the business of choosing people.'

Buffett's View on Gates and Epstein

The Berkshire Hathaway chief noted that Gates ultimately severed ties with the financier, explaining that he had spent significant time reviewing the background to the scandal. Speaking about his research into the matter, Buffett said he had 'read a great deal since Jan. 1 in terms of what happened with Bill and Epstein. And I have read his remarks to Congress given under oath, and I read the cross-examination.'

According to Buffett, Gates was aware of Tuesday's announcement regarding the eventual transfer of his remaining $140 billion (£104.78 billion) in Berkshire Hathaway shares to organisations run by his family and three children, Howard, Susie and Peter.

The decision follows a recent face-to-face meeting in Omaha, where Gates travelled to spend several hours speaking with Buffett. Before that discussion, communication between the pair had stalled around the time the federal government began unsealing files from the Epstein inquiry, which revealed further details about Gates's involvement.

Gates's Previous Explanation

Maintaining that he was completely unaware of Epstein's ongoing criminal activities, Gates has previously said his interactions with the financier were motivated solely by a desire to secure funding for philanthropic projects.

In August 2019, the financier was found dead inside a Manhattan federal holding facility while facing charges of sexually exploiting dozens of underage girls. Officials later closed the case into the circumstances of his death after New York City's medical examiner ruled the cause of death was suicide.

Buffett Reshapes His Philanthropy

The groundwork for this transition was laid two years ago, when Buffett publicly declared his intention to halt posthumous contributions to the Gates Foundation. At the time, he made it clear that responsibility for allocating his remaining estate would rest entirely with his three children.

An accelerated timeline means Buffett now intends to wind down his estate by the end of 2034, moving much faster than originally planned. Meeting this ambitious deadline will require a massive increase in his annual philanthropy, pushing his yearly giving beyond the $17 billion (£12.72 billion) mark.

Family to Oversee Final Fortune

Under his plans, a new charitable entity will be established after his death to distribute his remaining equity, with the condition that his children reach unanimous agreement on every grant. Buffett is eager for these distributions to take place during their lifetimes, a factor made more pressing by the fact his eldest daughter will be approaching the age of 81 in eight years.