Billionaire investor Warren Buffett has ended his long running financial support for the Bill Gates Foundation after donating billions of dollars to the charity for nearly two decades.
Buffett had committed in 2006 to donate shares of his company, Berkshire Hathaway, to the foundation every year during his lifetime. However, his latest donation plan no longer includes the Gates Foundation.
Instead, Buffett will divide his remaining shares among four charitable foundations connected to his family. The 95 year old investor also confirmed that he plans to give away his remaining Berkshire Hathaway stock by the end of 2034.
Buffett’s $47 Billion Support Over 20 Years
During the past 20 years, Warren Buffett donated around $47 billion to the charity, making him one of the foundation’s biggest supporters.
The foundation expressed gratitude for Buffett’s decades of contributions and said it remains financially strong. It added that its future work will continue with support from Bill Gates’ own financial commitment.
Buffett did not directly mention Bill Gates or Jeffrey Epstein while announcing the change in his donation plans. However, earlier in the year, he said he had not spoken with Gates after details about Gates’ connection with Epstein became public.
Bill Gates’ Connection With Jeffrey Epstein Under Scrutiny
Questions around Bill Gates’ relationship with Jeffrey Epstein increased after government documents related to Epstein were released.
Gates later explained that he met Epstein in 2011 because he believed Epstein could help raise money for global health projects. Gates said he knew Epstein had faced legal problems in the past but admitted he did not fully understand the seriousness of his crimes.
Epstein had previously pleaded guilty to charges involving prostitution with a minor and later faced sex trafficking charges before his death in a New York prison in 2019.
Future of the Gates Foundation
Despite losing Buffett’s future donations, the Bill Gates Foundation said it has enough financial resources to continue its global health and development projects.
The foundation has worked on issues including disease prevention, healthcare access, poverty reduction, and education programs around the world.
Buffett’s decision marks a major change after years of partnership between two of the world’s most influential philanthropists. The move also highlights the impact that public controversies can have on major charitable organizations and their relationships with donors.
