Buffett Snubs Gates Foundation in $6 Billion Donation

Billionaire investor Warren Buffett announced on Tuesday that he will donate approximately $6 billion to four foundations connected to his family, notably omitting the Bill & Melinda Gates Foundation from his annual charitable contributions this year. The decision comes amid disclosures regarding Microsoft co-founder Bill Gates's past associations with convicted sex offender Jeffrey Epstein. Buffett's statement did not explicitly name the Gates Foundation as a recipient, a departure from his long-standing practice.

Buffett also reaffirmed his commitment to donating all of his remaining Berkshire Hathaway stock, valued at over $140 billion, to charity by December 31, 2034. This updated timeline supersedes his previous plan, which involved his three children distributing his fortune within 10 years of his death. He specified that grants to the three foundations managed by his children will grow annually, with the Susan Thompson Buffett Foundation receiving a somewhat greater rate of growth.

In the current year's distribution, Buffett plans to allocate about $4.5 billion in Berkshire Hathaway stock to the Susan Thompson Buffett Foundation. Additionally, he will donate approximately $500 million in shares each to the Sherwood Foundation, the Howard G. Buffett Foundation, and the Novo Foundation, all of which are managed by his children. The total value of these announced donations aligns closely with the roughly $6 billion in gifts he made in the previous year, with a significant portion now directed towards his family's philanthropic entities.

Since initiating his plan to give away his fortune in 2006, Buffett has directed more than $61 billion to charitable causes, with a substantial amount previously allocated to the Gates Foundation. He has consistently distributed blocks of Berkshire Hathaway stock to both the Gates Foundation and his family's foundations. Neither Buffett nor the Gates Foundation immediately responded to requests for comment on Tuesday. CNBC reported that Buffett is scheduled to provide an exclusive interview on the matter on Wednesday morning.