Buffett Drops Gates Foundation From Yearly Donations
Warren Buffett will not give his yearly donation to the Gates Foundation. This is the first time in 20 years he has skipped it.
Buffett is instead sending about $6 billion to four family foundations. The Susan Thompson Buffett Foundation will get about $4.4 billion to $4.5 billion.
Three other family foundations will each get about $496 million to $500 million. The change follows news about Bill Gates' ties to Jeffrey Epstein.
Epstein was a convicted sex offender. Reports say Buffett had held back his midyear gift pending a review.
Law firm WilmerHale is checking the Gates Foundation's past ties to Epstein. Sources say results are expected this summer.
Gates testified to the House Oversight Committee last month. He called his connection to Epstein a serious error in judgment.
Gates said he had no knowledge of Epstein's crimes. He has not been accused of any wrongdoing.
Buffett also said he wants to give away all his remaining Berkshire Hathaway wealth. His old plan let his children hand out the wealth over 10 years after his death.
Buffett changed that plan. He now wants all shares given away by December 31 2034 no matter when he dies.
Key Terms 5
- Gates Foundation A charity started by Bill Gates that fights disease and poverty worldwide.
- Jeffrey Epstein A convicted sex offender who died in 2019 while facing criminal charges.
- Berkshire Hathaway A large investment company built by Warren Buffett.
- House Oversight Committee A US Congress group that investigates government and public matters.
- WilmerHale A law firm hired to review the Gates Foundation's past ties to Epstein.