Why Warren Buffett is pausing annual donation to Gates Foundation
What's the story
Warren Buffett, the billionaire investor and Chairman of Berkshire Hathaway, has decided to halt his annual donation to the Gates Foundation, as per the Wall Street Journal. The decision comes as a first in nearly two decades and is said to be awaiting the outcome of a review into Bill Gates's past association with Jeffrey Epstein. The review is looking into the foundation and its co-founder's historical connections with the late convicted sex offender.
Philanthropic shift
Major departure from usual practice
Buffett's decision to pause his donations marks a major departure from his usual practice of donating Berkshire Hathaway stock to the Gates Foundation and four family-run charities around mid-year. Last year alone, his contribution to the Gates Foundation was worth over $4.5 billion. Since he began his philanthropic journey in 2006, Buffett has donated more than $47 billion worth of Berkshire shares to the foundation, making it the largest recipient of his fortune.
Ongoing review
Rethinking donations due to Gates's association with Epstein
Earlier this year, Buffett had indicated that he was rethinking his future donations to the foundation due to renewed scrutiny over Epstein's ties with Gates. In a March interview with CNBC, Buffett revealed he hadn't spoken to Gates since the US Department of Justice released documents showing multiple meetings between him and Epstein, after the latter's 2008 guilty plea in a Florida prostitution case.
Foundation's response
Buffett doesn't regret his donations to the foundation
The Gates Foundation has maintained that Bill "took responsibility for his actions" and that Epstein had no influence on its grant-making decisions. Meanwhile, Buffett has said he doesn't regret his donations to the foundation but wishes "certain things hadn't happened." He was also shocked by how Epstein managed to gain trust among influential people before being arrested on sex-trafficking charges in 2019.