Buffett's Dramatic $6 Billion Decision: Redirects Funds Away from Gates Foundation After Epstein Revelations

Warren Buffett has redirected his latest annual charitable donation of around $6 billion (£4.5 billion) in Berkshire Hathaway shares away from the Bill and Melinda Gates Foundation. Instead the 95-year-old investor has allocated the funds to four foundations overseen by his children.

The announcement this week ends a philanthropic partnership that had lasted nearly two decades and comes amid renewed scrutiny of Bill Gates's past contacts with Jeffrey Epstein.

Buffett Redirects Annual Donation To Family Foundations

The shares, numbering around 12 million Class B shares, were divided with nine million going to the Susan Thompson Buffett Foundation. One million shares each were assigned to the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation. These entities support a range of causes including reproductive health, Nebraska community projects, global hunger relief and programmes for marginalised girls and women.

Buffett has now indicated that all his remaining Berkshire shares will be donated to these four foundations by the end of 2034. He had already given more than $17 billion (£12.7 billion) to the family foundations since 2006. The current allocation represents a significant increase for the family causes compared with previous years.

In his accompanying statement Buffett said '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.'

End To Decades Of Backing For Gates Foundation

Buffett made an irrevocable pledge in 2006 to donate the bulk of his fortune to the Gates Foundation during his lifetime. Since then the foundation has received more than $47 billion (£35.1 billion) in Berkshire shares.

The two billionaires maintained a close friendship, with Gates serving on the Berkshire board until 2020 and Buffett acting as a trustee of the Gates Foundation until 2021. They often appeared together at Berkshire's annual shareholder meetings in Omaha and collaborated on philanthropic efforts.

Buffett had indicated in 2024 that his donations to the Gates Foundation would cease upon his death, with his children then determining any further allocations. Last year Buffett directed substantial additional funds to the Gates Foundation alongside his gifts to the family organisations. The partnership had been one of the largest in modern philanthropy, helping to fund major global health and development programmes.

Epstein Revelations Influence Latest Decision

The shift follows the release of US Department of Justice documents in February that highlighted Gates's meetings with Epstein between 2011 and 2014. The documents included photographs of Gates with Epstein and emails involving foundation staff. Gates told Congress in June that he regretted the relationship and had not fully understood the extent of Epstein's crimes at the time.

Buffett stated in March that he had not spoken to Gates since the files emerged and wished to avoid any situation that could lead to him being called as a witness. He had paused his usual mid-year donation while awaiting the findings of a review commissioned by the Gates Foundation into its past ties with Epstein.

The review was carried out by the law firm WilmerHale. With the decision now made, no further donations to the foundation are planned from Buffett. Neither Gates nor the foundation has been accused of any wrongdoing in connection with Epstein. The Gates Foundation expressed gratitude for his long-standing support. It said it continued to operate from a position of financial strength.