Buffett Freezes Gates Foundation Donation over Epstein Fallout

Warren Buffett has not made his customary mid-year donation to the Gates Foundation for the first time in two decades. According to The Wall Street Journal, the 95-year-old investor is waiting for the outcome of an independent review into the foundation's past contacts with Jeffrey Epstein.

The law firm WilmerHale is conducting the review, with its findings expected later this summer. The investigation was prompted by US Department of Justice documents that included emails between Epstein and Gates Foundation employees.

Buffett donated about $48bn (€42bn) to the foundation between 2006 and 2025. He has typically transferred Berkshire Hathaway shares worth billions of dollars each June or early July. This year’s donation could now be delayed until later in the year, potentially around the time of his annual Thanksgiving letter.

The Gates Foundation said in February that a small number of employees had spoken with Epstein because he claimed he could introduce major donors for global health initiatives. The foundation said it never paid Epstein, never employed him and never operated a joint fund with him.

Buffett's relationship with Bill Gates has reportedly become more strained since additional Epstein-related documents were released. Gates told the House Oversight Committee in June that he last spoke with Buffett in January. He was also absent from Berkshire Hathaway's annual shareholder meeting this spring after attending regularly for many years.

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Gates Testifies Before Congress

Bill Gates gave closed-door testimony before the House Oversight Committee on 10 June. The committee later released the transcript. Gates described his meetings with Epstein after the financier's conviction as a serious mistake. He said he had no knowledge of any ongoing crimes and had not harmed any victims.

The Microsoft co-founder again said the meetings focused on potential philanthropy. According to Gates, Epstein claimed he could persuade wealthy individuals to support global health projects. Gates said he ended the relationship in 2014 after it became clear that no funding would materialize.

The transcript also addressed Epstein's later attempt to re-establish contact with Gates. Gates said Epstein tried to use information about an extramarital affair to gain leverage over him, but the attempt failed. Gates has not been charged in connection with the Epstein case, and none of Epstein's victims have publicly accused him of criminal wrongdoing.

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Justice Department Faces Deadline

The dispute over additional Epstein files is continuing in Washington. The US Department of Justice said it had released more than 3.5 million pages in January under the Epstein Files Transparency Act.

A federal judge has now given the department until 2 July to either release versions of certain Epstein records with fewer redactions or explain why the redactions should remain. Judge Emmet Sullivan also ordered the department to provide a log detailing the withheld information.

The case stems from a lawsuit filed by journalist and legal analyst Katie Phang, who argues that the department has failed to comply fully with the law. According to court filings, the dispute concerns redacted names in email exchanges, the identities of some senders and recipients and the names of alleged co-conspirators contained in a draft indictment.

The Justice Department says the redactions are necessary to protect victims, private individuals and sensitive information. Critics argue that the department has withheld too much information and released the files too slowly. The department has said it will appeal the ruling.

Leon Black, then chairman and chief executive of Apollo Global Management. Photo: Lucy Nicholson/Reuters

Congress Issues Subpoena to Leon Black

Apollo Global Management Chairman and former Chief Executive Leon Black is also facing renewed scrutiny from Congress. On 26 June, the chairman of the House Oversight Committee issued two subpoenas after Black declined during a voluntary interview to answer questions about possible confidentiality agreements with women linked to Epstein.

The committee is seeking documents and has ordered Black to appear for sworn testimony on 16 July. According to previous reports, Black paid Epstein more than $150m (€132m) for tax and estate planning advice. Black has denied any involvement in Epstein’s criminal activities.