Nobody really knows, but my guess is that he's just so weird and so different from any other human, that people naturally believe he is a child molester, but I think there is a good chance that he's not. I've heard that child molesters can't control themselves and if he really were, that there would be a lot more incidents of it that he wouldn't be able to hide, being such a scrutinized public figure. I've heard experts say that the accusations are so few and so far between, that it points to innocence on his part.
I think it's very possible that the parents of these kids he hangs out with are just taking advantage of the fact that he's such a maladjusted weirdo who never grew up, and that he's one of the wealthiest people on earth. He's such a natural target, and human nature being what it is, it would be weird if there weren't a few attempts at extortion. But there have only really been two, right? If he really were a child molester, I think there would be an awful lot more. That said, I also think he's probably an awful parent, and I wish he would stop having kids!