Buffett shifts fortune plan, calls Gates’ Epstein links ‘distasteful’

Warren Buffett has defended his decision to stop directing donations to the Bill & Melinda Gates Foundation, saying his children are now prepared to take responsibility for distributing his wealth.

In an interview with CNBC, the 95-year-old Berkshire Hathaway chairman said he found Bill Gates’ past association with convicted sex offender Jeffrey Epstein “distasteful,” but maintained that he still values their long-standing friendship.

Buffett’s remarks came a day after he announced that his latest charitable donation of nearly $6 billion in Berkshire Hathaway stock would go to four foundations run by his children, Susie, Howard and Peter Buffett, rather than the Gates Foundation.

Since 2006, Buffett had donated more than $47 billion worth of Berkshire shares to the Gates Foundation. His latest contribution of 12 million Class B shares will instead support the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

Buffett said he had reassessed his plans because his children were getting older and were ready to oversee the distribution of his remaining fortune.

 “I tell the three children that it is theirs, and it’s their responsibility to get it done well,” he said.

Addressing Gates’ connection with Epstein, Buffett said the Microsoft co-founder had “made mistakes” but noted that everyone can misjudge people or relationships.

Gates has previously expressed regret over his interactions with Epstein and has not been accused of any wrongdoing.

Despite the controversy, Buffett praised his friendship with Gates, describing their relationship as a “wonderful friendship” and saying he had no regrets about supporting the Gates Foundation.

Gates, in a statement, called Buffett a “dear friend” and said his support had helped the foundation save millions of lives.

Buffett also revised his succession plans, bringing forward the timeline for distributing his remaining Berkshire Hathaway shares. He now aims to complete the process by the end of 2034 instead of waiting a decade after his death.

The billionaire said the decision was not only about mortality but also about ensuring he remained capable of overseeing the transition, saying it was a matter of “keeping your marbles.”