Buffett: Decision to reduce Gates Foundation funding driven by children's readiness, not Epstein ties

Billionaire investor Warren Buffett clarified on Wednesday that his decision to stop directing funds to the Gates Foundation is primarily because he believes his three children are ready to handle distributing his entire fortune. He emphasized this readiness, rather than Bill Gates's association with convicted sex offender Jeffrey Epstein, as the main driver.

While Buffett described Gates's ties to Epstein as "distasteful" in remarks to CNBC, he suggested that Gates's actions were not dissimilar to his own past mistakes in hiring or choosing friends. "No one bats a thousand in the business of choosing people," Buffett commented.

Buffett stated he has extensively reviewed information regarding Gates's involvement with Epstein since January and acknowledged that Gates has since ended that relationship.

Buffett announced Tuesday his plan to donate his remaining $140 billion in Berkshire Hathaway stock to foundations associated with his family and children. Gates was reportedly not surprised by the decision, having met with Buffett weeks prior. Buffett also indicated a desire to accelerate his philanthropic timeline, aiming to distribute his entire fortune by 2034, necessitating a significant increase in annual donations.