The 95-year-old Berkshire Hathaway chairman confirmed he is redirecting his annual mid-year donation—totaling approximately 12 million Class B shares—exclusively to four family-run foundations. While the Gates Foundation has received over $47 billion in stock since Buffett’s 2006 pledge, the new distribution strategy leaves the organization out of his future philanthropic plans entirely. Buffett stated that all his remaining shares will be transferred to these family entities by December 31, 2034.

The shift in strategy follows a cooling of the personal relationship between the two billionaires. Buffett admitted to CNBC in March that he and Gates have not spoken since the U.S. Department of Justice released documents regarding Epstein’s network. Although Gates has not been accused of any crimes and has publicly expressed regret over his association with the financier, the revelation of communications between Epstein and foundation staff created significant distance between the two men.

Legal experts note that while Buffett’s initial commitment was framed as irrevocable, the lack of a formal contract leaves the practical impact of this withdrawal open to interpretation. For its part, the Gates Foundation maintains it remains in a strong financial position, bolstered by a separate $200 billion commitment from Bill Gates to sustain its operations until its scheduled closure in 2045. Buffett’s own focus has now narrowed to the work overseen by his children, Susie, Howard, and Peter, covering initiatives ranging from reproductive health and global hunger to the mitigation of human trafficking.