Buffett severs donations to Gates Foundation following Epstein revelations

Warren Buffett has ceased his substantial annual donations to the Bill & Melinda Gates Foundation, a move that comes amid scrutiny over Bill Gates's past associations with Jeffrey Epstein. Buffett plans to redirect approximately $US6 billion of Berkshire Hathaway stock, typically given mid-year, to four family foundations managed by his children.

Buffett, 95, did not explicitly name the Gates Foundation in his statement, but the organization has been a primary recipient of his philanthropic stock since 2006. He had pledged irrevocably to donate shares throughout his lifetime, with the Gates Foundation receiving over $US47 billion since the pledge. Last year's donation alone exceeded $US4.5 billion.

The decision follows the U.S. Department of Justice's release of files concerning Epstein in February. These documents included photographs of Gates with Epstein and unidentified women, as well as emails showing communications between Epstein and Gates Foundation staff. Gates has previously stated he did not fully grasp the extent of Epstein's crimes when he associated with him.

Buffett's commitment is to donate his remaining Berkshire Hathaway shares by December 31, 2034. He was a trustee at the Gates Foundation until 2021. The Gates Foundation has not yet responded to requests for comment, and Berkshire Hathaway has also not provided additional details.

This year, Buffett is distributing nine million Class B shares of Berkshire Hathaway to the Susan Thompson Buffett Foundation and one million shares each to the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation. He aims for these grants to increase annually, with a slightly faster growth for the Susan Thompson Buffett Foundation, which is led by his daughter Susie.

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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.