Warren Buffett shifts Berkshire Hathaway stock donations to family foundations as he pauses gifts to the Bill Gates Foundation.
Warren Buffett has accelerated the pace of his annual donations of Berkshire Hathaway shares to four family foundations, totaling nearly $6 billion. The investor stated his goal is to dispose of all his shares within approximately eight years, by December 31, 2034. This shift marks a significant change from his 2006 "lifetime pledge" to donate shares to the Bill Gates Foundation. The pivot follows revelations regarding the late sex offender Jeffrey Epstein, whose ties to Gates have been described by Buffett as "distasteful." While Buffett acknowledged that Gates made mistakes by associating with Epstein, he noted that he has also made mistakes in choosing friends and associates. The new donation schedule allocates 9 million Class B shares, valued at approximately $4.5 billion, to the Susan Thompson Buffett Foundation. Additionally, three foundations run by his children will each receive 1 million shares worth just under $500 million. Despite the pause in gifts to the Gates Foundation, Buffett noted that the charity remains in a position of financial strength.