Warren Buffett snubs Bill Gates, reveals plans to donate $200 billion
Josh Funk
Billionaire Warren Buffett removed Bill Gates’ foundation from his annual donations this year following the disclosure of the Microsoft co-founder’s ties to sex offender Jeffrey Epstein. He will donate nearly US$6 billion ($8.6 billion) to four foundations affiliated with his own family, but did not mention Gates in his announcement.
Buffett also said in his statement that he wants all remaining Berkshire Hathaway shares, valued at more than $140 billion ($200 billion), to be donated to charity by the end of 2034. Previously, the plan was for his three children to distribute the remaining wealth within 10 years of the 95-year-old investor’s death.
“Of course, mortality is unpredictable, but my remaining shares will be donated, one way or another, to four foundations by December 31, 2034,” Buffett said in a statement. “My goal is for the annual giving to each of the three foundations run by each of my children to increase annually, and for the annual giving to the Susan Thompson Buffett Foundation to increase at a slightly higher rate.”
Buffett did not immediately respond to questions. CNBC said Buffett is scheduled to give an exclusive interview on the subject to the network on Wednesday morning.
In a statement, the Gates Foundation thanked Buffett for his gifts and said the foundation remained in a strong financial position thanks to Gates’ promise to donate 99 percent of his remaining wealth to the charity, which plans to close in 2045 after distributing the money.
“The Gates Foundation is grateful to Warren Buffett for his decades of support of our work. His donations, totaling more than $47 billion, have helped us expand and fulfill the foundation’s mission to improve health and opportunity for people around the world,” the charity said in a statement.
Buffett’s latest gifts roughly equal last year’s donations
The bulk of Buffett’s philanthropic donations, more than $61 billion, have gone to the Gates Foundation since he announced plans to donate his fortune in 2006. He regularly gives blocks of Berkshire Hathaway shares to the Gates Foundation and four foundations run by his three children.
This year, Buffett plans to give about $4.5 billion in stock to the Susan Thompson Buffett Foundation and about $500 million to the Sherwood Foundation, Howard G. Buffett Foundation and Novo Foundation, which are run by his children.
So the total amount of announced donations is similar to the roughly US$6 billion donation he made last summer; Buffett’s family foundations received significantly more money than in previous years; This appears to cover the money going to the Gates Foundation.
Gates denies any connection to Epstein’s crimes
Gates denies any knowledge of Epstein’s crimes and has not been charged with any crimes. He said he only met with Epstein because he thought he could help him raise money for charitable causes.
Epstein, who was accused of sexually abusing dozens of underage girls, was found dead in a Manhattan federal lockup in August 2019, and New York City’s medical examiner later ruled his death a suicide.
Buffett has already said he plans to cut donations to the Gates Foundation after his death in 2024 and let his three children decide how to distribute the rest of his fortune. The decision he announced will accelerate this plan.
The two billionaires were best friends
Buffett and Gates used to be extremely close friends who talked frequently, played bridge online, and even went on vacation together. Gates also served on the board of Buffett’s conglomerate for years, and the legendary investor sits on the board of directors of the Gates Foundation. But Buffett told CNBC in March that he had not spoken to Gates in months, since the Epstein files were released in the fall of 2025.
In the past, Buffett has sided with Gates. Three years ago, Buffett interrupted a man presenting a resolution at a Berkshire Hathaway shareholder meeting after he questioned Gates’ character because of his ties to Epstein. Peter Flaherty was arrested for trespassing that day, even though he had been given prior permission to give the presentation. The charge was later dropped, but the incident sparked a case that is still ongoing in the courts.
Buffett can’t believe how many people Epstein fooled
“It’s amazing to me how successful anyone can be as a hustler,” Buffett told CNBC in March, but Epstein found a way to exploit the weaknesses of others. Buffett did not discuss Gates’ involvement but said he did not want to be involved in anything that might be investigated later.
Gates recently discussed his ties to Epstein with employees of his foundation. Gates appears multiple times in documents released by the Justice Department regarding its investigation of the late financier. The Justice Department’s files include email correspondence between Gates and Epstein about philanthropic projects, calendar entries documenting the dates they met, and photos of Gates at events attended by the two men.
The foundation announced in March that it had hired someone to review its policies to assess the foundation’s past dealings with Epstein and examine future philanthropic partnerships. Gates and the rest of the foundation’s board expect to receive an update on this investigation this summer.
Buffett told CNBC he was stunned to see so many rich and powerful people involved in the Epstein scandal.
“I mean, here was a convicted man, a sensational con artist, and the percentage of people he knocked out,” Buffett said. “So, even so, he found their weak points. It could have been sex. It could have been strength, it could have been whatever it was. And I don’t see how anyone could pull that off.”
Buffett said he was glad Epstein never came to Omaha, where he lived for more than six decades. Buffett is considered by many to be the world’s largest investor, having built Berkshire over the years by acquiring insurance companies such as Geico, major utilities, manufacturers and well-known brands such as Dairy Queen and BNSF railroad.
Buffett resigned as Berkshire CEO in January after 60 years of leading the company but remained chairman and largest shareholder. Greg Abel is now CEO of Berkshire Hathaway.
access point
The Business Briefing newsletter delivers big stories, exclusive news and expert insights. Sign up to receive it every weekday morning.
