Buffett: Gates knew foundation funds would stop, admits Epstein error, trusts kids with fortune

Warren Buffett has confirmed that the Bill & Melinda Gates Foundation will no longer receive any future donations from him, ending a philanthropic partnership that lasted more than two decades. The 95-year-old Berkshire Hathaway chairman said the decision was part of a broader review of his estate plans and not a reflection of his personal friendship with Bill Gates.Speaking in an interview with CNBC, Buffett said Gates was aware of the decision and that the two remain close friends despite recent public scrutiny surrounding Gates.For the first time in 21 years, the Gates Foundation was absent from Buffett's annual list of charitable donations. Asked whether that meant the foundation would never again receive money from him, Buffett replied, "That's correct."Addressing speculation that the decision was linked to allegations involving Bill Gates and Jeffrey Epstein, Buffett said he had carefully reviewed Gates' congressional testimony and other publicly available material before reaching his conclusion."I've read a great deal since January 1 in terms of what happened with Bill and Epstein. I read his remarks to Congress given under oath, and I read the cross-examination," Buffett said.While describing Gates' association with Epstein as "distasteful," Buffett said he did not believe it was beyond mistakes that many people make in judging others."While he made mistakes, I made mistakes hiring all kinds of people or choosing friends, and then finding out later that they weren't what I thought they were. Life goes on, and no one bats a thousand in the business of choosing people," he said.Buffett says decision came after rethinking his philanthropyExplaining why he decided to stop donating to the Gates Foundation, Buffett said he had reassessed his charitable plans, which date back to the early years of his marriage to his late wife, Susan Buffett.He said the couple had always planned to dedicate their wealth to philanthropy, with Susan taking a more hands-on approach while he focused on growing their fortune."I reevaluated my whole situation," Buffett said, adding that while he believed donating to the Gates Foundation had been "a good decision," circumstances had changed.Buffett explained that when he began giving billions to the Gates Foundation in 2006, he did not think his children were ready to oversee such vast sums of charitable money."I did not think my kids were in any way ready to give away vast sums of money," he said.Now, however, Buffett believes they are fully prepared to carry out that responsibility."I felt they were capable of handling it. I was certainly not going to turn something over to my kids and then pull it back from them," he added.Gates Foundation has ample resources, says BuffettBuffett also pointed out that the Gates Foundation has grown into one of the world's largest philanthropic organizations and no longer depends on his future contributions."The Gates Foundation has turned out to earn far more money than they expected. They spend more money than anybody in the world that I can think of," he said.He noted that Bill Gates still has significant personal wealth that he intends to donate, adding, "I believe 100% that they will go there."Earlier this week, Buffett announced that he intends to dispose of all of his Berkshire Hathaway shares within about eight years, saying his children are "unfortunately growing older."As part of this year's charitable giving, Buffett donated 9 million Berkshire Hathaway Class B shares, worth about $4.5 billion, to the Susan Thompson Buffett Foundation, named after his late first wife. His three children's charities—the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation—will each receive 1 million Class B shares, valued at just under $500 million each.Buffett says friendship with Bill Gates remains unchangedDespite ending future donations, Buffett stressed that his relationship with Gates remains intact.Asked whether Gates knew about the decision, Buffett said, "No, it does not come as a surprise."He revealed that Gates recently visited him in Omaha, where they spent nearly three hours together."We've had an enormous number of good times together since we met in 1991," Buffett said. "It's been a wonderful friendship."He added that Gates had already proposed another meeting and continues to be the one who usually initiates their conversations.Buffett recovering after breaking his legThe billionaire investor also shared a personal health update during the interview, revealing that he recently broke his leg for the first time in his life.Buffett said he underwent surgery several weeks ago and is recovering well. He is already walking again with assistance and said he is in good spirits as he approaches his 96th birthday next month.The Gates Foundation also acknowledged Buffett's decision in a statement, thanking him for decades of support. The organization said Buffett's donations of more than $47 billion helped expand its global work to improve health and opportunity and noted that the foundation remains financially strong through 2045, supported by Bill Gates' planned $200 billion commitment.Catch the latest World News and Live updates. Download the TOI app.