Buffett cuts Gates Foundation out of his philanthropy over Bill Gates' relationship with Jeffrey Epstein.
Warren Buffett said Tuesday he stopped donating money to the Gates Foundation after revelations about interactions between the Microsoft co-founder and philanthropist Bill Gates and the late sex offender Jeffrey Epstein.
Buffett said he will donate about $6 billion of Berkshire Hathaway stock, comprising 12 million Class B shares, in his annual mid-year donation to four family foundations overseen by his daughter Susie and sons Howard and Peter.
The 95-year-old Berkshire chairman did not mention the Gates Foundation, which has received more than $47 billion of the conglomerate's stock since Buffett in 2006 made what he called an irrevocable pledge to donate shares throughout his lifetime. Buffett's donation was more than $4.5 billion last year.
Shareholders attend the Berkshire Hathaway Inc. annual shareholders' meeting May 1 in Omaha, Neb.
"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," Buffett said in a statement.
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The Gates Foundation did not immediately respond to requests for comment. Berkshire did not immediately respond to requests for additional comment.
Ties to Epstein
Bill Gates saw his reputation tarnished following the U.S. Department of Justice's release of files about Epstein in February.
These included photos of Gates posing with the financier, and with women whose faces were redacted. Emails also showed communications between Epstein and the foundation's staff.
In June, Gates told Congress he "did not fully understand âthe extent" of Epstein's crimes when he associated with the financier, including in meetings focused on possible philanthropy.
Gates, 70, isn’t accused of crimes. He repeatedly expressed regret for having anything to do with Epstein, denied spending time with victims of Epstein's sexual abuse, and said he never witnessed criminal conduct by Epstein.
Bill Gates departs June 10 after a closed door interview before the House Oversight Committee investigating late financier and sex offender Jeffrey Epstein on Capitol Hill in Washington.
Family charities
Buffett has donated more than half his Berkshire stock since he began giving away his fortune in 2006.
He owned close to 14% of Berkshire's stock before the latest donations, and was worth $147 billion according to Forbes magazine.
Buffett is donating 9 million Class B shares of Berkshire to the Susan Thompson Buffett Foundation; and 1 million shares to each of the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation.
He said his goal is for the grants to increase annually, and for grants to the Susan Thompson Buffett Foundation to grow somewhat faster.
Susie Buffett leads the Susan Thompson Buffett Foundation, which funds reproductive health. It is named for her mother, who was Warren Buffett's first wife.
The Sherwood Foundation supports Nebraska nonprofits and early childhood education. The Howard G. Buffett Foundation focuses on global hunger, combating human trafficking and mitigating conflicts. The NoVo Foundation has initiatives focused on marginalized girls and women, and on indigenous communities.
