Berkshire Hathaway CEO Warren Buffett (L) gets his wallet out to pay a bet to Microsoft co-founder Bill Gates after participating in a newspaper throwing contest prior to the Berkshire annual meeting in Omaha, Nebraska May 2, 2015. (Photo: REUTERS/Rick Wilking)
Warren Buffett announced a major change in his philanthropic strategy, directing nearly $6 billion in Berkshire Hathaway stock to foundations led by his three children. The move ends his long-standing pattern of large gifts to the Gates Foundation.
Buffett told CNBC his children are now ready to manage the distribution of his wealth. He stated, "I tell the three children that it is theirs, and it’s their responsibility to get it done well."
He also commented on Bill Gates' association with the late sex offender Jeffrey Epstein, calling it "distasteful." However, Buffett emphasized his decades-long friendship with Gates, calling their relationship "wonderful" and his past donations a "good decision."
The shift accelerates the timeline for distributing Buffett's remaining Berkshire shares. He now wants them distributed by the end of 2034, citing his children's advancing ages and his own desire to ensure the process is handled while he can oversee it.