Warren Buffett has suspended his customary midyear donation to the Gates Foundation, breaking a two-decade pattern of transferring billions of dollars in Berkshire Hathaway shares each June or early July. The pause, reported by US financial media and confirmed by sources close to the investor, leaves the foundation’s annual funding cycle in limbo and marks a tangible rupture in one of the world’s most consequential philanthropic partnerships.

The decision is directly tied to the foundation’s ongoing external review of its historical engagement with convicted sex offender Jeffrey Epstein. The Gates Foundation commissioned law firm WilmerHale in March to assess past interactions and current vetting policies, following the US Department of Justice’s release of Epstein-related files. Those documents, which included flight logs and contact records, have placed Bill Gates’s relationship with Epstein under renewed scrutiny. Buffett, who has not spoken with Gates since the files became public, is withholding his annual contribution—totalling roughly $48 billion since 2006—until the review’s findings are known. The foundation has stated that a small number of employees once explored a potential funding collaboration with Epstein, but that no partnership materialised and no payments were made.

The pause unfolds against a backdrop of shifting philanthropic norms. While the Giving Pledge, co-founded by Buffett and Gates, has long encouraged billionaires to commit their fortunes to charity, younger heirs are increasingly steering family wealth toward impact investing, advocacy, and systemic change rather than traditional grant-making. Katherine Lorenz, who leads the pledge’s Next Gen group, notes that many in the rising generation are urging parents to distribute wealth faster and to address root causes of inequality. MacKenzie Scott’s trust-based, unrestricted giving is cited as an exemplar of this approach. This generational pivot, combined with the Epstein-linked reputational strain, is reshaping expectations around how and when vast fortunes are deployed.

Buffett has indicated he may postpone his giving decision until his annual Thanksgiving letter, while the WilmerHale review is expected to conclude this summer. The foundation’s leadership, including CEO Mark Suzman, has been in direct communication with Buffett’s circle. The outcome will not affect Buffett’s other philanthropic commitments, including foundations run by his children, but it could redefine the Gates Foundation’s access to one of its largest benefactors at a moment when Millennial and Gen X heirs are projected to inherit $124 trillion by 2048, further concentrating influence over philanthropic capital.