Warren Buffett has stopped donating shares to Gates Foundation
What's the story
Warren Buffett, the Chairman of Berkshire Hathaway, has excluded the Bill and Melinda Gates Foundation from his annual charitable stock donations. Instead, he has directed this year's contributions to four family-linked foundations. The decision comes after years of donating more than $43 billion worth of Berkshire stock to the philanthropic organization founded by Bill Gates and Melinda French Gates since 2006.
Donation details
Buffett's goal to dispose of Berkshire shares within 8 years
Buffett will donate nine million Class B shares of Berkshire to the Susan Thompson Buffett Foundation, and one million each to Sherwood Foundation, Howard G. Buffett Foundation, and Novo Foundation.
He said in a statement announcing this year's gifts, "My goal is to dispose of all of my Berkshire shares within about eight years."
"My children are unfortunately growing older."
Ongoing review
Delay in usual donation amid ongoing investigation
The omission of the Gates Foundation from Buffett's annual donations comes as he waits for the outcome of a review into the foundation's ties to Jeffrey Epstein, the late sex offender.
The Wall Street Journal had reported that Buffett had delayed his usual donation to the Gates Foundation amid this ongoing investigation.
Friendship status
No communication between Buffett and Gates since the revelation
In a March interview with CNBC, Buffett said he had not spoken to Gates since the whole thing was unveiled.
When asked if they were still close friends, Buffett said they had shared "great times together," but until the situation is cleared up, he doesn't think it makes sense to do a lot of talking.
Past pledge
Departure from Buffett's commitment in 2006
Buffett's decision to exclude the Gates Foundation from his annual donations is a departure from his 2006 commitment.
In a letter to Bill and Melinda Gates, Buffett had promised to make annual gifts of Berkshire shares to their foundation "throughout my lifetime," as long as at least one of them remained actively involved in the organization.