Billionaire investor Warren Buffett announced Tuesday that he will no longer include the Bill & Melinda Gates Foundation in his annual charitable donations, following revelations about Gates' ties to convicted sex offender Jeffrey Epstein.
Buffett plans to donate approximately $6 billion to four foundations connected to his family instead.
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This marks a significant shift in his giving strategy, as he had historically directed a substantial portion of his wealth to the Gates Foundation.
New Donation Plan
"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.
His previous plan was for his three children to manage the distribution of his wealth after his passing, but this new announcement accelerates that timeline.
He intends for the annual grants to increase over time for each of his children's foundations.
This year's charitable contributions will include about $4.5 billion in stock to the Susan Thompson Buffett Foundation and $500 million each to the Sherwood Foundation, Howard G.
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Buffett Foundation, and Novo Foundation.
The total donations are similar to last year's but represent a notable increase to his family foundations compared to prior years, suggesting a decrease in funds that would have supported the Gates Foundation.
Epstein Connection
Gates has publicly denied any wrongdoing related to Epstein and stated that his meetings with Epstein were aimed at fundraising for charitable purposes.
Buffett expressed disbelief at how many influential figures were drawn into the Epstein scandal, saying, "It is astounding to me that anybody could be that successful as a con person."
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He refrained from discussing Gates' specific involvement.
