Buffett pauses Gates Foundation donations for first time in 20 years

Warren Buffett, the 95-year-old legendary investor known as the "Oracle of Omaha," has put his annual donation to the Bill & Melinda Gates Foundation on hold for the first time in two decades.

Buffett is expected to wait for the results of an internal probe examining the Gates Foundation's ties to convicted sex offender Jeffrey Epstein, who died in 2019, before deciding whether to resume his contributions.

The relationship between Buffett and Microsoft co-founder Bill Gates has also cooled since the US Department of Justice released documents related to the Epstein case, sources said.

The Wall Street Journal, citing multiple people familiar with the matter, reported Monday that Buffett decided to delay his annual Gates Foundation donation — typically made between June and July — this year.

It marks the first time Buffett has withheld a donation since he began giving Berkshire Hathaway shares to the foundation annually in 2006. His total contributions through last year amount to about $48 billion (74 trillion won).

The Gates Foundation has reportedly retained a law firm to investigate its relationship with Epstein. Buffett appears to want to review the findings, expected sometime this summer, before making any decision.

In a CNBC interview in March, Buffett said he had not spoken with Gates since the Epstein-related documents were made public.

The Journal also reported that Gates skipped Berkshire Hathaway's annual shareholder meeting in May for the first time in years. While he was not formally barred from attending, some individuals advised him not to come, and Gates was reportedly told he would not be permitted to sit in the reserved section alongside Buffett and Berkshire's board members.

Gates testified before a US House hearing on June 10 that his association with Epstein was "a serious lapse in judgment" and that he had been unaware of Epstein's sexual crimes.

According to CNN and The New York Times, Gates appeared before a closed-door session of the House Oversight Committee that day and said in his opening statement: "I never witnessed, nor became aware of, Jeffrey Epstein engaging in ongoing criminal conduct."

"I never went to his island, his ranch, or his Florida home," Gates said. "I have never harmed anyone."

He said Epstein "may have sought to cultivate a personal relationship with me, but I had no interest in that and never reciprocated." Gates also acknowledged that Epstein had learned sensitive personal information about him, including details of an extramarital affair during his marriage. "This affair had nothing to do with my association with Epstein, but it was painful for my family," he said.

Gates also acknowledged that his association with Epstein had dealt a significant blow to the philanthropic and public-interest work he had built over decades.

"My reputation is the foundation for building the partnerships that save lives," Gates said. "Meeting with Epstein was a serious lapse in judgment, and it put that at risk."

"His conduct was the opposite of everything I stand for in my efforts to create a world where everyone has the opportunity to live a healthy and productive life," he added.