Overview
- Buffett did not include the Bill & Melinda Gates Foundation in this year’s midyear Berkshire Hathaway gift and instead donated roughly 12 million Class B shares, worth about $6 billion, to four foundations run by his children.
- He told CNBC he read records and congressional testimony about Gates’ contacts with Jeffrey Epstein, called the association “distasteful,” and cited that review as a factor in changing his giving pattern.
- The Gates Foundation has hired outside counsel and launched an external review of past engagement with Epstein, and Bill Gates has testified to Congress saying he did not fully understand Epstein’s crimes and denying criminal wrongdoing.
- Buffett also accelerated his estate plan and said his remaining Berkshire shares will be donated to those family foundations by December 31, 2034, rather than being distributed after his death over a longer timetable.
- On Tuesday’s announcement, observers warned the move could deepen reputational and donor-confidence questions for large charities and prompt closer scrutiny of governance and vetting of philanthropic partners.