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Buffett Defends Shift in Charitable Giving
Billionaire investor Warren Buffett has defended his decision to stop directing his annual donations to the Bill & Melinda Gates Foundation, saying his children are now prepared to take responsibility for distributing his vast fortune .
In an interview with CNBC, the 95-year-old Berkshire Hathaway chairman said he found Bill Gates’ past association with convicted sex offender Jeffrey Epstein “distasteful,” but maintained that the decision to redirect funds was primarily driven by confidence in his children’s readiness .
“I tell the three children that it is theirs, and it’s their responsibility to get it done well,” Buffett said .
Record Donation to Family Foundations
On Tuesday, Buffett announced his latest charitable donation of nearly $6 billion in Berkshire Hathaway stock to four foundations run by his children: Susie, Howard, and Peter Buffett, rather than the Gates Foundation .
Since 2006, Buffett had donated more than $47 billion worth of Berkshire shares to the Gates Foundation . His latest contribution of 12 million Class B shares will instead support the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation .
Addressing Gates’ Epstein Connection
Buffett acknowledged reviewing documents related to Gates’ relationship with Epstein released by the US Department of Justice . He described the association as “distasteful” but noted that everyone can make mistakes in judging people .
“I made mistakes in hiring all kinds of people, or choosing friends,” Buffett said. “I found nothing in there that was beyond what I could picture myself doing” .
Gates, who visited Buffett in Omaha three weeks ago, has expressed regret over his interactions with Epstein and has not been accused of any wrongdoing .
Accelerated Wealth Distribution Timeline
Buffett also revised his succession plans, bringing forward the timeline for distributing his remaining Berkshire Hathaway shares to December 31, 2034, rather than waiting a decade after his death .
“It’s not just a question of mortality. It’s a question of keeping your marbles,” Buffett explained .
The Gates Foundation thanked Buffett for his decades of support, stating his gifts have helped expand its mission to improve health and opportunity worldwide .
