Warren Buffett didn’t give anything to the Gates Foundation this year, instead directing nearly $6 billion in shares of Berkshire Hathaway to four foundations related to his own family.
Buffett, who was a founding trustee of the Gates Foundation, started “The Giving Pledge” with Bill Gates and his then-wife Melinda French Gates to encourage billionaires to donate a considerable portion of their wealth. Buffett resigned from the Foundation’s board in 2021, but has continued to donate billions annually to the charity.
But Buffett held back his usual donation to the Gates Foundation this year as he waits to see the conclusion of a review by outside attorneys hired by the charity that is looking into ties between the foundation and convicted sex offender Jeffrey Epstein, the Wall Street Journal reported.
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However, the 95-year old Buffett isn’t letting age or mortality slow down his philanthropy overall, saying in a statement that he has “every hope” that his three children will dispose of all his shares in Berkshire Hathaway by December 31, 2034.
Berkshire Hathaway is worth $1.1 trillion, and Buffett owns about 30% of the stock.
Much of Buffett’s giving in past years had been directed to the Gates Foundation. In 2022, the Gates Foundation said Buffett’s donations to that point had totaled $36 billion, and he continued to contribute billions of dollars worth of Berkshire stock every year up until this year.
But Gates’ relationship with Epstein has strained their friendship. Buffett told CNBC earlier this year that he is no longer speaking with Gates, although Buffett said he didn’t regret his past donations.
“I wish that certain things hadn’t happened,” Buffett, said in the March interview. But “it isn’t like they’re stealing money for themselves.”
Gates testified before a House committee last month that he had no knowledge of Epstein’s crimes. Earlier he reportedly apologized to Foundation staff for his ties to Epstein, calling his relationship with Epstein “a huge mistake,” but has strongly denied any allegations of personal wrongdoing.
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Buffett said in the March CNBC interview that he never met Epstein or had any contact with him. He also said he has not talked to Gates about the scandal.
“We’ve had great times together,” he said. “But I think until it gets cleared up, I just don’t think it makes sense to do a lot of talking.”
He said one reason is that he doesn’t want to be called to testify about Epstein’s ties to Gates.
“I don’t want to be under oath,” he said.
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