- Warren Buffett has ended 20 years of donations to the Gates Foundation.
- Buffett described Bill Gates' association with Jeffrey Epstein as "distasteful" but said people can make mistakes in choosing friends.
- Future charitable donations will instead be managed by foundations run by Buffett's family.
Warren Buffett has explained why he ended two decades of charitable donations to the Gates Foundation, saying Bill Gates' past association with convicted sex offender Jeffrey Epstein influenced his decision, even though he believes mistakes in personal relationships do not necessarily define a person.
The Berkshire Hathaway chairman confirmed that the Gates Foundation did not receive any of his annual share donations this year for the first time since 2006. Instead, Buffett transferred his remaining Berkshire Hathaway shares to four charities linked to his family, marking a significant shift in one of the world's largest philanthropic partnerships.
A friendship that survived a difficult chapter
Speaking in an interview with CNBC, Buffett reportedly said he had carefully reviewed information, including Gates' recent testimony before the US House Oversight Committee, before changing his charitable plans.
Buffett described Gates' relationship with Epstein as "distasteful" but added that he could relate to making poor judgements about the people around him.
He reportedly said he had made mistakes throughout his life by hiring people or becoming friends with individuals who later turned out to be different from what he believed. After reading the available material, he said he found nothing that was beyond what he could imagine himself doing in similar circumstances.
Despite ending donations to the foundation, Buffett stressed that his friendship with Gates remains strong. The two have known each other since 1991 and reportedly met for around three hours in Omaha just weeks ago. Buffett said they have shared "an enormous number of good times together" over the years.
Gates also described Buffett as "a dear friend" and reportedly said he remained deeply grateful for his support and hoped they would continue spending time together.
A new direction for Buffett's fortune
The change follows Gates' appearance before the US House Oversight Committee in June, where he answered questions about meetings with Epstein.
During his testimony, Gates said he had first met Epstein in 2011 after being introduced to him as someone who could help attract major donors for global health initiatives supported by the Gates Foundation. Gates acknowledged that he was aware Epstein had faced legal issues but said he did not fully understand the extent of his crimes at the time.
He reportedly told lawmakers that he should never have met Epstein and that, with hindsight, no potential fundraising opportunity could have justified the association.
Epstein pleaded guilty in 2008 to offences involving the solicitation of a minor before dying in a New York prison in 2019 while awaiting trial on federal sex trafficking charges.
Buffett said his decision to stop donating to the Gates Foundation did not come as a surprise to Gates, as they had already discussed the matter.
Since launching his annual giving programme in 2006, Buffett has donated around £34.7 billion ($47 billion) worth of Berkshire Hathaway shares to what was then known as the Bill and Melinda Gates Foundation. Even without his future support, Buffett said the foundation still has substantial financial resources. In 2025 alone, it distributed $8.5 billion in charitable grants.
Buffett also explained that his long-term thinking has changed. When he first committed to donating most of his wealth, he believed his three children were not yet ready to oversee such large sums. He now believes they are fully prepared to manage that responsibility.
Under his revised plans, Buffett has donated Berkshire Hathaway shares worth about $4.5 billion to the Susan Thompson Buffett Foundation, named after his late first wife. Three other family-run foundations, led by his children Susie, Howard and Peter Buffett, each received shares worth just under $500 million.
The 95-year-old investor also revealed that he recently underwent surgery after breaking his leg and said he is recovering well.
