Billionaire investor Warren Buffett has described Bill Gates’ relationship with late sex offender Jeffery Epstein as “distasteful”, but said he himself had made mistakes in life by being friends with people “who weren’t great”.
On Tuesday, Buffett’s firm Berkshire Hathaway stopped giving donations to the Microsoft co-founder’s charity for the first time in 20 years and instead handed his remaining stock to foundations linked to his family.
Buffett told CNBC he and Gates have had a “wonderful friendship” but confirmed his pivot over donations followed Gates’ testimony to US Congress about Epstein.
Gates called Buffett “a dear friend”, adding: “My gratitude to Warren is immeasurable.”
Gates appeared before the US House Oversight Committee in June to answer questions about his relationship with Epstein, who died in a New York prison in 2019 while awaiting trial on sex trafficking charges.
In a transcript of his testimony, Gates said that he had been introduced to Epstein in 2011 as someone who could help raise billions of dollars for global health, which is a key focus of the Gates Foundation.
He said: “I recall being aware that Epstein had faced prior legal issues, but I did not fully understand the extent of the crimes he committed.”
In 2008, Epstein had pleaded guilty to soliciting a minor for prostitution and procuring a person under age 18 for prostitution.
Gates told the committee: “I should never have met with Epstein in the first place. Based on what I know now, I understand that even if he had delivered the donors he promised, it would not have justified associating with him.”
Buffett said on Wednesday he had read Gates’ testimony.
He said: “While it’s distasteful, while he made mistakes, I’ve made mistakes in hiring all kinds of people, choosing friends and finding out later that one way or another they weren’t what I thought they were.
“So, I found nothing in there that was beyond what I could picture myself doing.”
Buffett said the decision to stop donations to the foundation did not come as a surprise to Gates. The two met around three weeks ago for three hours.
The 95-year-old said: “At some point I had read what Congress had come up with, I’d read everything and all I can say is I don’t know whether I’ve done dumber things but I’ve done many dumb things in life.”
Buffett added that he and Gates have had an “enormous number of good times together” since they met in 1991. “It has been a wonderful friendship,” he said.
Gates said: “I cherish the time we spend together. I hope we have much more of it ahead.”
SInce 2006, when Buffett pledged to make annual donations to the Bill and Melinda Gates Foundation, as it was then known, “throughout my lifetime”, he has given $47bn (£34.7bn) to the charity.
But even without his backing, the foundation still holds “very substantial resources”, said Buffett.
In 2025 alone, the Gates Foundation gave away $8.5bn in charitable support.
While Buffett originally pledged a lifetime commitment two decades ago, he explained that his thinking has evolved over time.
When he first made the pledge, Buffett noted that he did not feel his three children were ready to manage such vast sums, but he now believes they are fully capable and deeply aligned with his goals.
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