Warren Buffett is withholding his annual multibillion-dollar donation to the Gates Foundation for the first time in two decades as he waits for the charity to complete an internal review of its past ties to late financier and sex offender Jeffrey Epstein, according to a report.
The 95-year-old Berkshire Hathaway chairman is delaying his customary summer gift of Berkshire shares until later this year — potentially until Thanksgiving — while awaiting the findings of the review, people familiar with the matter told the Wall Street Journal.
The move marks the first interruption in Buffett’s annual giving to the Gates Foundation since he began donating Berkshire stock in 2006 as part of what he called his “lifetime” philanthropic pledge.
Buffett’s decision points to the growing strain in his once-close relationship with Gates, which has cooled in recent months amid renewed scrutiny of the Microsoft co-founder’s ties to Epstein.
The Gates Foundation has hired law firm WilmerHale to conduct an outside review of its past contacts with Epstein, with findings expected later this summer.
Buffett and his associates have been in contact with Gates Foundation leadership, including CEO Mark Suzman, to learn more about the foundation’s connections to Epstein and the status of the review, according to the Journal.
Buffett has donated around $48 billion total to the Gates Foundation — making the charity by far the largest beneficiary of his philanthropy.
Buffett’s hesitation comes as Gates faces heightened scrutiny over his years-long relationship with Epstein after the Justice Department released additional Epstein-related files this year.
Gates has acknowledged repeatedly meeting Epstein after the financier’s 2008 conviction, saying the relationship was driven by his belief that Epstein could help attract billions of dollars for global health causes.
During his recent closed-door House Oversight Committee interview, Gates also discussed an extramarital affair with Russian bridge player Mila Antonova and testified that Epstein later sought reimbursement for expenses he claimed to have paid on her behalf — a request Gates said he flatly rejected.
Gates’s ties to Epstein were one of the main factors that contributed to the deterioration of his marriage to his now ex-wife, Melinda French Gates.
The tech geek-turned-philanthropist has repeatedly described his relationship with Epstein as “a huge mistake” and said he deeply regrets maintaining contact with him.
The Gates Foundation has also said it never made financial payments to Epstein and never pursued a formal collaboration with him.
During his recent interview with lawmakers, Gates testified that the last time he spoke with Buffett was in January, before the latest document releases.
“We talked about my health challenges and some other things,” Gates said, according to the interview transcript cited in the Journal report.
The cooling relationship between the two billionaire philanthropists has become increasingly visible.
During a CNBC interview in March, Buffett revealed he had not spoken with Gates since the Epstein files became public and said he intended to wait until late June before deciding whether to make his annual charitable contribution.
The tension also appeared to surface at Berkshire Hathaway’s annual meeting in Omaha earlier this year.
Gates, a longtime fixture at the gathering and a former Berkshire director, skipped the event for the first time in years.
According to previously reported accounts, some advisers urged him not to attend, and Gates’ team was told he would not be seated in the section traditionally reserved for Buffett, Berkshire directors and prominent business leaders.
Despite the uncertainty surrounding Buffett’s Gates Foundation donation, people familiar with his plans said his annual gifts to his family’s charities are expected to continue unchanged.
Those include foundations overseen by his three children as well as the Susan Thompson Buffett Foundation, named for his late first wife.
The Gates Foundation remains one of the world’s largest philanthropic organizations, saying it has distributed roughly $110 billion since its creation to support global health, vaccine development, tuberculosis treatments and women’s health initiatives.
Last year, Gates announced plans to spend more than $200 billion over the next two decades before winding down the foundation entirely by the end of 2045.
As part of that transition, foundation leadership has informed employees that staffing will be reduced by as many as 500 positions over the next several years while operating expenses are capped.
The Post has sought comment from Gates and Buffett.
Credit: Source link
