Berkshire Hathaway chairman Warren Buffett has excluded the Bill & Melinda Gates Foundation from his annual charitable donations for the first time in 20 years. The 95-year-old investor, who has donated more than $47 billion in Berkshire stock to the organization since 2006, announced that his estate plan will now place greater responsibility for his wealth in the hands of his three children.
Addressing the Gates-Epstein Association
In an interview with CNBC, Buffett characterized Bill Gates’ past association with the late sex offender Jeffrey Epstein as “distasteful.” Buffett noted that he had extensively reviewed information regarding the relationship before finalizing his decision to overhaul his philanthropic giving. “I read a great deal since January 1 in terms of what happened, with Bill and Epstein,” Buffett said. “While it’s distasteful, while he made mistakes, I made mistakes, hiring all kinds of people, or choosing friends, and then finding out later that, one way or other, they weren’t what I thought they were. I found nothing in there that was beyond what I could picture myself doing.” Despite the shift in funding, Buffett indicated that his personal relationship with Gates remains intact. He reported that the two had spent several hours together in Omaha as recently as three weeks ago, and that Gates has proposed scheduling another meeting.
Restructuring the Estate Plan
Buffett explained that the pivot away from the Gates Foundation is primarily rooted in a long-term transition of responsibility to his children: Susie Buffett, Howard G. Buffett, and Peter Buffett. “I reevaluated my whole situation,” Buffett stated. “What happened was that I gave the Gates Foundation a great deal of money. I thought that was a good decision. I think it was a decent decision, but I did not think my kids were in any way ready to give away vast sums of money.” Buffett noted that he has spent decades preparing his children for this role. “I tell the three children that it is theirs, and it’s their responsibility to get it done well,” he said. As part of a broader strategy to distribute his remaining wealth, Buffett stated that his goal is to dispose of all his Berkshire shares within approximately eight years.
2026 Charitable Distribution
For the current year, Buffett has directed all annual Berkshire donations to four family-linked foundations. The Susan Thompson Buffett Foundation, named for his late first wife, is the largest recipient, receiving 9 million Class B shares valued at approximately $4.5 billion. The remaining donations are divided among the foundations managed by his children:
| Foundation | Recipient | Contribution |
|---|---|---|
| Susan Thompson Buffett Foundation | N/A | 9 million Class B shares |
| Sherwood Foundation | Susie Buffett | 1 million Class B shares |
| Howard G. Buffett Foundation | Howard G. Buffett | 1 million Class B shares |
| NoVo Foundation | Peter Buffett | 1 million Class B shares |
Each of the three children’s foundations will receive 1 million Class B shares, with a combined value for those three entities totaling just under $1.5 billion.
Recovery and Future Outlook
The announcement regarding his estate planning follows a period of personal recovery for the Berkshire Hathaway chairman. Buffett confirmed that he recently underwent surgery after breaking his leg several weeks ago and stated that he is recovering well. As he continues to divest his holdings in the company he has led for decades, Buffett’s recent comments underscore a definitive shift in his philanthropic legacy, moving from a centralized model involving the Gates Foundation toward a decentralized approach managed by his immediate family.
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