Buffett skips Gates Foundation donation as Epstein review looms

Warren Buffett broke a two-decade tradition by skipping his midyear donation to the Gates Foundation, waiting for the findings of a review into the foundation's ties to Jeffrey Epstein.

Warren Buffett skipped his usual midyear multibillion-dollar donation to the Gates Foundation for the first time in 20 years, delaying the decision until later in 2026 as he awaits the results of an external review into the foundation's ties to convicted sex offender Jeffrey Epstein.

"Buffett is waiting to see what the review finds before committing further funds," a person familiar with the investor's plans told the Wall Street Journal.

The 95-year-old Berkshire Hathaway chairman has donated roughly $48 billion of Berkshire shares to the foundation since 2006, typically transferring tranches each June or July. The Gates Foundation retained law firm WilmerHale to examine its past engagement with Epstein, with findings expected this summer. Buffett and those close to him have been in touch with foundation leadership, including Chief Executive Mark Suzman, to learn more about the Epstein ties and the review.

The delay threatens the funding pipeline of one of the world's largest philanthropic organizations, which has made about $110 billion in charitable distributions since its inception. The foundation plans to give away more than $200 billion over the next two decades before sunsetting at the end of 2045, and in 2026 told employees it would reduce its workforce by up to 500 positions over several years while capping operating expenses.

Buffett's relationship with Gates, his longtime friend and Microsoft co-founder, has frayed since the Justice Department released files on the Epstein case in February. In a March interview with CNBC, Buffett said he had not spoken with Gates since the files were released and wanted to see what more he learned before making his annual donation decision. During a deposition with the House Oversight Committee in mid-June, Gates told lawmakers the last time he spoke with Buffett was in January, before the Epstein files were released. "We talked about my health challenges and some other things," Gates, 70, said.

Gates also skipped the Berkshire Hathaway annual meeting in May for the first time in many years. While he was not barred from attending, some people advised Gates not to go, the Journal reported. Gates's team was also told he would be unable to sit in the section reserved for Buffett, Berkshire's directors and other business leaders.

Buffett stepped down as a Gates Foundation trustee in 2021 after Gates and Melinda French Gates announced their divorce. He told the Journal in 2024 that the foundation would receive no money from him after his death. Melinda French Gates left the foundation that same year to focus on her own philanthropic goals.

Whatever decision Buffett makes on the Gates Foundation donation, it is not expected to affect his annual contributions to his family's foundations, including those run by his three children and the Susan Thompson Buffett Foundation, named after his first wife, according to people familiar with the matter. Buffett is expected to make his decision later in 2026, possibly by the time he publishes his annual Thanksgiving letter.

This article is for informational purposes only and does not constitute investment advice.