Buffett says he aims to dispose of Berkshire shares by December 2034

Warren Buffett said he plans to dispose of all of his remaining Berkshire Hathaway shares by Dec. 31, 2034 and increasingly channel his fortune through family-linked philanthropy, saying the main reason for excluding the Gates Foundation from future giving is that his three children are now ready to take on responsibility for distributing his wealth. Buffett told CNBC that Bill Gates’ past association with Jeffrey Epstein was “distasteful,” but said he did not view it as conduct beyond mistakes he could imagine making himself in choosing friends or associates. He said he reviewed material on Gates’ ties to Epstein, including Gates’ sworn remarks to Congress, and noted that Gates eventually ended the relationship. Buffett said Gates was not surprised by the decision and had recently spent several hours with him in Omaha after the two had spoken less frequently as more details emerged from files related to the Epstein investigation. Buffett said he wants his money distributed faster than previously indicated, by the end of 2034, implying annual giving of more than $17 billion. He is currently giving roughly $6 billion to the Susan Thompson Buffett Foundation and the foundations run by his children — the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation — after having donated more than $47 billion to the Gates Foundation since 2006. He said a new foundation will distribute his remaining shares after his death, with his children required to agree unanimously on grants. Buffett also said he recently underwent surgery after breaking his leg and is recovering well. The accelerated timetable means Berkshire successor Greg Abel may not be able to rely as long on Buffett family support as the company’s largest shareholder, though Buffett said Abel is clearly the right person to lead Berkshire. He added that Berkshire’s investment in Alphabet was initiated by Buffett, with Abel in agreement, and that Berkshire agreed last month to invest another $10 billion in the company after previously tripling its stake.