Buffett omits Gates Foundation from $6 billion Berkshire stock donation

Warren Buffett told CNBC that his decision to stop giving Berkshire Hathaway stock to the Bill & Melinda Gates Foundation was not surprising, noting recent congressional scrutiny of Bill Gates’ past contacts with Jeffrey Epstein. The 95-year-old investor announced a donation of almost $6 billion in Berkshire shares to four foundations managed by his children, while omitting the Gates Foundation, which he has supported with more than $47 billion since 2006.

Buffett said he had reviewed the congressional reports and found no evidence that would compel him to continue the partnership. He added, "While it’s distasteful, while he made mistakes, I made mistakes, hiring all kinds of people, or choosing friends, and then finding out later that, one way or another, they weren’t what I thought they were."

He explained that his children are now ready to assume responsibility for his wealth, stating that he has told them the assets are theirs to manage. To reflect their advancing ages, Buffett accelerated his plan to distribute the remaining Berkshire shares, which represent about a 13 % stake in the company, aiming for completion by the end of 2034 rather than a decade after his death.

The four family foundations – the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation – will receive more than $23 billion in Berkshire stock as part of the accelerated schedule.