Topline
Billionaire Warren Buffett will not make a midyear donation to the Gates Foundation for the first time in 20 years, the Wall Street Journal reported, as he awaits more details about the philanthropic group’s links to convicted sex offender Jeffrey Epstein.
Bill Gates and Warren Buffett speak with journalist Charlie Rose at an event organized by Columbia Business School on January 27, 2017 in New York City.
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Key Facts
Citing unnamed sources with knowledge of Buffett’s plans, the Wall Street Journal reported that the billionaire investor is delaying his donation plans until later this year and may wait until his annual Thanksgiving letter.
Last June, Buffet made a record donation of $6 billion in Berkshire Hathaway shares to five charities—his biggest ever—with the lion’s share going to the Gates Foundation.
The Gates Foundation has been a recipient of the billionaire’s annual midyear donations since 2006, when Buffett gave the organization 500,000 Berkshire shares, then worth $1.5 billion.
Buffett and his aides have been in contact with the foundation’s leadership in a bid to learn more about its links to Epstein, the Journal’s report added.
In March, Buffett told CNBC that he hasn’t spoken with Gates since the release of the Epstein files, which highlighted the Microsoft founder’s relationship with the convicted sex offender (Gates has not been accused of any wrongdoing).
What Has The Gates Foundation Said About Epstein?
The foundation has not commented on Buffett’s reported decision; however, it issued a statement on Epstein earlier this year after the DOJ’s release of records and documents linked to the now deceased sex offender. “On the basis of Epstein’s claims that he could mobilize significant philanthropic resources for global health and development, a small number of foundation employees interacted with Epstein to try to secure this potential funding. Ultimately, the foundation did not pursue any collaboration with Epstein and no fund was ever created. At no time were financial payments made by the foundation to Epstein, nor was he employed by the foundation at any time.”
What Do We Know About The Gates Foundation’s Epstein Probe?
In a statement issued in April, the Gates Foundation said it had commissioned an “external review to assess past foundation engagement with Epstein, and our current policies for vetting and developing new philanthropic partnerships.” The review began in March and was commissioned by the foundation’s CEO Mark Suzman with support from Gates and its Governing Board. The foundation has not shared a timeline for when the review will be completed.
Big Number
$48 billion. That is the total size of all donations Buffett has made to the Gates Foundation between 2006 and 2025, according to the Journal. According to Forbes’ real-time billionaires’ list, Buffett’s current net worth is estimated at $146.7 billion, making him the world’s tenth richest person.
tangent
Earlier this month, Gates delivered a closed-door testimony to the House Oversight Committee about his relationship with Epstein. In his opening remarks, Gates said he had “never witnessed nor had any indication that Epstein was engaged in ongoing criminal conduct.” The billionaire noted he was “deeply sorry” for giving Epstein more credibility through their association and acknowledged he “should never have met with Epstein in the first place.” Gates, however, has not been accused of any wrongdoing. Earlier this year, Gates admitted to two affairs while married to his ex-wife, Melinda French Gates, adding that Epstein knew about the relationships.
further reading
Warren Buffett Skips Midyear Donation to Gates Foundation as He Awaits Epstein Review (Wall Street Journal)