In the summer of 1991, Bill Gates and Warren Buffett bonded over a marathon conversation at a family getaway, sparking a deep friendship that saw them become iconic philanthropic partners. Their bond led Buffett to donate billions to Gates’ foundation, shaping global philanthropy. However, recent years have revealed cracks in their relationship. Buffett’s decision to end his future donations to Gates’ foundation and growing tensions over how Gates handles his wealth have cast a shadow over their once-celebrated friendship, hinting at a dramatic shift in their dynamic.

A Summer Meeting That Changed Everything

In the summer of 1991, Bill Gates, the billionaire founder of Microsoft, was a dedicated workaholic, hard at work and barely taking breaks. However, his mother, Mary Gates, convinced him to take a short break and spend the Fourth of July at Hood Canal, a beautiful and relaxing spot a couple of hours from Seattle that the family loved.

At this gathering, one of the guests was Warren Buffett, the famous investor known as the Oracle of Omaha. When Mary tried to introduce Bill to Warren, Warren wasn’t interested at first. He thought Bill was just another stockbroker. But once they started talking, they couldn’t stop. They spent 11 hours chatting about business, with Warren in a casual red polo and Bill in tennis clothes, complete with his tousled hair and mid-calf white socks.

The two instantly clicked, and Bill was impressed by Warren’s sharp questions and friendly manner. This encounter marked the beginning of a lasting friendship. Bill later described it as an “unbelievable friendship,” and Warren joked, “The moral of that is, listen to your mother.”

Different Personalities, Common Interests

Despite their age difference—Warren is 25 years older—their friendship grew based on shared interests in bridge, business, problem-solving, and philanthropy. They enjoyed spending time together, whether it was golfing at a high-profile conference in Sun Valley or Bill flying to Omaha for a visit.

A photo that captured the essence of their bond showed Warren telling a joke while Bill laughed heartily. This picture hung in Bill’s office, showing the joy their friendship brought him.

In 2004, Bill joined Warren’s company, Berkshire Hathaway, as a board member, which Warren saw as a gesture of friendship. By then, Bill had stepped down as CEO of Microsoft but remained its chairman. In 2020, Bill decided to step away from both Berkshire and Microsoft boards to focus on his philanthropic work.

A Unique Philanthropic Partnership

In 2006, Warren made a huge announcement at the New York Public Library: he would donate nearly all of his $44 billion fortune to charity, with the Gates Foundation being the biggest recipient. This decision was inspired by Andrew Carnegie’s ideas about using wealth to benefit society. Warren had given Bill a copy of Carnegie’s essay, which argued that the rich should use their wealth to help others during their lifetimes rather than leaving it to their children.

Warren’s donation to the Gates Foundation came with conditions: Bill or his ex-wife Melinda had to stay involved, the funds had to be used within the year, and they had to be classified as charitable dollars.

In 2010, Warren, Bill, and Melinda announced the Giving Pledge, encouraging other billionaires to donate at least half of their wealth to charity. Between 2006 and 2023, Warren contributed over $39 billion to the Gates Foundation, matching the amount that Bill and Melinda had given since 1994.

Changing Dynamics

As the Gates Foundation grew, it became the world’s largest philanthropic organization, focusing on issues like health, education, and poverty. However, the foundation faced criticism and challenges, including questions about its effectiveness and its approach to philanthropy.

In recent years, the friendship between Bill and Warren showed signs of strain. Warren was unhappy with the growing bureaucracy at the Gates Foundation and comments about Bill’s behavior. In 2021, Bill and Melinda Gates announced their divorce, and Warren decided to step down from the Gates Foundation board. He also made clear that his future donations would not necessarily go to the Gates Foundation after his death.

Warren’s children have said they won’t give the remaining shares of his fortune to the Gates Foundation, and the foundation acknowledged this in its financial statements. Despite the shifting dynamics, both men have continued to express appreciation for each other.

Bill still values Warren’s friendship and mentorship, and though their public interactions have become less frequent, Bill continues to honor their bond. The story of their friendship remains a fascinating tale of two of the world’s most influential philanthropists coming together to make a difference.