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FinanceBuffett omits Gates Foundation from annual Berkshire stock donations for first time
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Warren Buffett has omitted the Bill & Melinda Gates Foundation from his annual charitable stock gifts for the first time in nearly two decades, instead directing all of this year's donations to four family-linked foundations. Berkshire Hathaway announced that Buffett will donate 9 million Class B shares to the Susan Thompson Buffett Foundation and 1 million shares each to the Sherwood Foundation, the Howard G. Buffett Foundation, and the Novo Foundation. Since 2006, Buffett has donated over $43 billion worth of Berkshire stock to the Gates Foundation. The omission follows reports that Buffett is awaiting the outcome of a review into the Gates Foundation's ties to the late sex offender Jeffrey Epstein. In a March interview, Buffett said he had not spoken with Bill Gates since the matter was unveiled and indicated he would not resume conversations until it is cleared up. This marks a break from Buffett's 2006 pledge to make annual gifts to the Gates Foundation throughout his lifetime.
Source report
Warren Buffett has excluded the Gates Foundation from his annual charitable stock gifts this year, directing all donations to four family-linked foundations instead.
Berkshire Hathaway announced that its chairman will donate:
- 9 million Class B shares of Berkshire Hathaway to the Susan Thompson Buffett Foundation
- 1 million shares each to the Sherwood Foundation, the Howard G. Buffett Foundation, and the Novo Foundation
The Gates Foundation, which for years was one of the largest recipients of Buffett's annual Berkshire donations, was not included. Since 2006, Buffett has donated more than $43 billion worth of Berkshire stock to the philanthropic organization founded by Bill Gates and his former wife, Melinda French Gates.
"My goal is to dispose of all of my Berkshire shares within about eight years," Buffett said in a statement announcing the gifts. "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."
Background on the Omission
The decision follows a Wall Street Journal report that Buffett had held off on 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's Becky Quick, Buffett said he had not spoken with Bill Gates "at all since the whole thing was unveiled."
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."
A Break from a Two-Decade Pledge
The move marks a departure from the commitment Buffett made in 2006. In a letter to Bill and Melinda Gates at the time, Buffett wrote that he was "irrevocably committing" to make annual gifts of Berkshire shares to their foundation "throughout my lifetime," provided that at least one of them remained actively involved in the organization.
Buffett will discuss his annual donations in an exclusive appearance on CNBC's "Squawk Box" on Wednesday.
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Warren Buffett Excludes Gates Foundation from Donations Over Epstein Ties, Accelerates Wealth Pledge