Warren Buffett stops donating to Gates Foundation for the first time after twenty years

Warren Buffett has stopped including Microsoft founder Bill Gates’ Gates Foundation in his annual Berkshire Hathaway stock donations for the first time in two decades. Instead, the legendary investor is directing this year's gifts to four family-linked foundations. The move marks a departure from a charitable giving pattern that began in 2006. According to Berkshire Hathaway, its chairman, Buffett, will donate 9 million Class B shares to the Susan Thompson Buffett Foundation and 1 million Class B shares each to the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.Announcing the donations, Buffett also reiterated his plan to distribute the remainder of his Berkshire holdings over the coming years. In a statement announcing the gifts (seen by CNBC), he said, “My goal is to dispose of all of my Berkshire shares within about eight years. As I explained last year, my children are unfortunately growing older. I have every hope that the three of them are able to carry out the disposal of my shares by December 31, 2034.“Why Warren Buffett omitted the Gates Foundation from this year’s Berkshire Hathaway stock donations after nearly two decadesThe Gates Foundation had been the largest recipient of Buffett's annual Berkshire stock donations since 2006. Over that period, Buffett donated more than $47 billion worth of Berkshire Hathaway shares to the philanthropic organisation founded by Bill Gates and his former wife, Melinda French Gates.The omission follows a report by The Wall Street Journal, which said Buffett had delayed his customary donation to the Gates Foundation while awaiting the outcome of a review into the foundation's ties to the late sex offender Jeffrey Epstein.In a March interview with CNBC, Buffett said he had not spoken with Bill Gates since the issue emerged. When asked whether the two remained close friends, Buffett said they had shared "great times together," but added, “until it gets cleared up ... I just don’t think it makes sense to do a lot of talking.“Buffett's decision marks a break from the commitment he made in a 2006 letter to Bill and his ex-wife, Melinda Gates. At the time, he wrote that he was "irrevocably committing" to make annual gifts of Berkshire Hathaway shares to the Gates Foundation "throughout my lifetime," provided that at least one of them remained actively involved in the organisation. Berkshire Hathaway said Buffett will discuss this year's charitable donations soon.Get the latest technology news and updates. Download the TOI App.