Warren Buffett has decided to skip his midyear donations to the Bill & Melinda Gates Foundation for the first time in two decades, as he awaits the outcome of an internal review into the organization's links to the late sex offender Jeffrey Epstein, the Wall Street Journal reported late Monday.
Background of the Donations
Buffett, who began making massive donations to the foundation co-founded by Microsoft Corp.'s Bill Gates in 2006, may wait until Thanksgiving to decide on making a gift, the newspaper reported, citing unidentified people familiar with the situation. Over the past two decades, Buffett has annually donated Class B shares of Berkshire Hathaway Inc. to the charity, representing about US$48 billion in total.
Despite the pause in donations to the Gates Foundation, Buffett is still expected to make gifts to the foundations run by his three children, as well as the Susan Thompson Buffett Foundation, named after his late wife, according to the report.
Renewed Scrutiny of Epstein Ties
This year, a trove of documents released by the U.S. Justice Department reignited scrutiny of Gates' ties to Epstein. The tech billionaire appeared in a congressional hearing this month and said his meetings with the late financier and convicted sex offender were “a grave error in judgment.” Following the increased attention, the Gates Foundation commissioned a review of its past interactions with Epstein and intends to examine policies for vetting new philanthropic partnerships.
Buffett has been in touch with the foundation's leadership to learn more about those ties and the review, the people told the Journal. The Gates Foundation previously said it expects its board and management to receive an update this summer.
Buffett's Stated Intentions
In a CNBC interview in March, Buffett said he intended to wait for more information on Gates' relationship with Epstein before making a decision on future donations. Spokespeople for Berkshire Hathaway, Buffett and the Gates Foundation did not immediately return requests for comment outside regular business hours.
