Warren Buffett's annual philanthropic stock distribution this year will not include the Gates Foundation, with all gifts being directed to four foundations connected to his family.
Berkshire Hathaway announced that the Chairman will donate 9 million Class B shares of Berkshire Hathaway to the Susan Thompson Buffett Foundation, and 1 million shares each to the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.
"My goal is to have all of my Berkshire stock disposed of within about eight years," Buffett stated in an announcement regarding the donations. "As I explained last year, my children are unfortunately getting older. I fully expect that all three of them will be able to complete the disposition of my stock by December 31, 2034."
Buffett's omission of the Gates Foundation is notable, as it has been one of the largest recipients of his annual Berkshire donations for many years. Since 2006, the Berkshire Hathaway Chairman has donated over $43 billion worth of Berkshire Hathaway stock to the philanthropic organization founded by Bill Gates and his former wife, Melinda French Gates.
This exclusion comes amid reports that Buffett has paused his customary donations to the Gates Foundation pending a review of the foundation's connections with the late sex offender Jeffrey Epstein.
In a March interview, Buffett stated he has had "absolutely no" contact with Bill Gates since "the whole thing came out."
When asked if the two remained close friends, Buffett said they had shared "good times" but added, "Until things are clarified... I just don't think it makes sense to have a lot of conversation."
This decision marks a departure from a commitment Buffett made two decades ago. In a 2006 letter to Bill and Melinda Gates, Buffett wrote that he had made an "irrevocable commitment" to donate Berkshire stock to their foundation annually "during my lifetime," provided at least one of them remained actively involved with the organization.
Buffett is scheduled to discuss his annual charitable contributions on Wednesday.