Warren Buffett excludes Gates Foundation from $6B Berkshire donation for the first time in 20 years

For two decades, Warren Buffett’s midyear ritual has been as predictable as Berkshire Hathaway’s annual meeting serving Cherry Coke. Every summer, billions in Berkshire stock flow out to charitable foundations, with the lion’s share heading to the Bill & Melinda Gates Foundation. Not this year.

Buffett has excluded the Gates Foundation from his latest round of Berkshire Hathaway stock donations, marking the first time in 20 years the foundation has been left off the list. The decision comes as the foundation undergoes a review by law firm WilmerHale into its historical connections to Jeffrey Epstein.

The numbers behind the break

In June 2025, Buffett donated approximately $6 billion in Berkshire Class B shares across his philanthropic commitments. Roughly $4.6 billion of that went directly to the Gates Foundation.

Since 2006, Buffett has given away over $60 billion, primarily in Berkshire shares. His pledge to donate more than 99% of his wealth has been the foundation’s financial backbone for the better part of two decades.

In March 2026, Buffett publicly stated he would take a “wait and see” approach regarding future donations to the Gates Foundation.

The Epstein review casting the shadow

The Gates Foundation has commissioned WilmerHale to conduct a formal review of its historical ties to Epstein. Results from that review are expected in summer 2026.

Buffett has confirmed he remains in communication with foundation leadership during this period.

What this means for Berkshire investors

Berkshire’s balance sheet doesn’t change based on where Buffett donates his personal shares. For the foundation itself, losing its single largest donor, even temporarily, creates both a financial and credibility gap.

Investors watching Berkshire should pay attention to the WilmerHale review results expected this summer. If the review satisfies Buffett’s concerns, donations could resume. If it doesn’t, Buffett may need to permanently restructure how he distributes his remaining wealth, potentially directing more to his family foundations or identifying new philanthropic vehicles entirely.

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