Warren Buffett Withdraws Support for the Gates Foundation

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Warren Buffett says he'll stop donating to the Bill and Melinda Gates Foundation when he diesand he'll give the bulk of his $130 billion estate to his three children's charities.

"I have immense respect for the work Bill and Melinda have done through their foundation," Buffett tells the Wall Street Journal.

"However, I believe it is time for me to allocate my resources to other areas that also need urgent attention."

The Gates Foundation, which Buffett has donated more than $30 billion to since 2006, "has made a profound impact on global health, education, and poverty alleviation," Buffett says.

"I am looking forward to exploring new opportunities and supporting innovative solutions to some of the world's most pressing problems," the billionaire investor says in a statement, per Business Insider.

"There is a vast landscape of need, and I am eager to make a difference in new ways."

Buffett says the bulk of his estate will go to the foundations run by his children Howard, Susie, and Peter.

The Gates Foundation says it is "deeply grateful" for Buffett's support and wishes him "all the best in his future endeavours."

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