Veteran US investor Warren Buffett has ended his decades-long commitment to donate shares to the Bill & Melinda Gates Foundation, a move that comes weeks after the Microsoft co-founder testified before the US House Oversight Committee about his relationship with the late sex offender Jeffrey Epstein.
Mr Buffett, aged 95, had originally pledged in 2006 to donate shares in his conglomerate, Berkshire Hathaway, to the foundation throughout his lifetime. However, in a recent announcement, the Gates Foundation was noticeably absent from the list of organisations set to receive billions of dollars worth of stock. Instead, these substantial donations will now be distributed among four foundations associated with members of the Buffett family. Mr Buffett further indicated his intention to divest his remaining stock holdings over the next eight years, with all shares being donated to these four family foundations by 31st December 2034.
While Mr Buffett did not explicitly name Bill Gates or Jeffrey Epstein in his statement regarding the change in his philanthropic strategy, he did tell CNBC in March that he had not communicated with Mr Gates "since the whole thing was unveiled." He added at the time that he did not wish to be in a position where he knew information that could lead to him being called as a witness in any potential proceedings.
Bill Gates' association with Epstein came under renewed scrutiny following the release of US Department of Justice files in January. In June, Mr Gates appeared before the US House Oversight Committee to address questions about his interactions with Epstein, who died in a New York prison in 2019 while awaiting trial on sex trafficking charges. Mr Gates told the committee he was introduced to Epstein in 2011, under the impression that Epstein could help raise significant funds for global health initiatives, a core focus of the foundation.
During his testimony, Mr Gates acknowledged being aware of Epstein's prior legal issues but stated he did not fully grasp the extent of his crimes. Epstein had pleaded guilty in 2008 to soliciting a minor for prostitution and procuring a person under 18 for prostitution. Mr Gates ultimately expressed regret to the committee, stating, "I should never have met with Epstein in the first place. Based on what I know now, I understand that even if he had delivered the donors he promised, it would not have justified associating with him." The Gates Foundation has been approached for comment regarding Mr Buffett's decision.
The philanthropic landscape has seen other changes recently. Bill and Melinda Gates divorced in 2021 after 27 years of marriage, and Melinda French Gates resigned from the foundation she co-founded in 2024, announcing plans to donate $1 billion to support women's rights in the US. Mr Buffett, along with Bill and Melinda Gates, co-founded the Giving Pledge in 2010, an initiative encouraging the world's wealthiest individuals to commit the majority of their fortunes to philanthropy during their lifetimes or in their wills.