Bill Gates pledges 99% of his fortune to Gates Foundation
Bill Gates, the co-founder of Microsoft, has pledged to donate 99% of his wealth, estimated at approximately $107 billion, to the Bill & Melinda Gates Foundation. This move represents one of the largest charitable donations in history and follows a similar commitment made by Warren Buffett, whose fortune stands at around $160 billion. Gates expressed excitement about being able to contribute significantly to various causes.The foundation, established in 2000, will now aim to close in 20 years, having previously set a longer timeline. it seeks to tackle issues such as infectious diseases, poverty, and maternal and child mortality, with a goal to achieve these objectives by 2045. The foundation has already invested $100 billion during its first 25 years and is now positioned to double its spending before its closure.
Bill Gates pledges 99% of his fortune to Gates Foundation
Microsoft founder Bill Gates pledged that 99% of the wealth he’s accumulated from his career in the technology industry and beyond will go to the Gates Foundation.
The donation would be an estimated $107 billion, one of the largest charitable donations ever. Warren Buffett, previously a board member of the Gates Foundation, has made a similar pledge of his fortune, which stands at an estimated $160 billion.
“It’s kind of thrilling to have that much to be able to put into these causes,” Gates, 69, told the Associated Press.
AP is among the recipients of Gates Foundation funds. The U.S. Agency for International Development, which is undergoing a major restructuring, has received some $30 million from the Gates Foundation over the years. Further donations have gone to advancing technology and medical solutions in developing countries.
Gates also announced a tighter deadline for his foundation, ordering its closure in 20 years. The foundation began in 2000, giving it a total lifespan of less than 50 years.
“More recently, with the input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners,” Gates said in a press release.
The foundation wants to eradicate infectious deadly diseases, combat poverty, and decrease deaths among babies, children, and mothers by December 31, 2045.
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“Having that time horizon and the resources just puts an even greater burden on us to say, ‘Are you actually putting your resources, your thumb down, on what are going to be the biggest, most successful bets rather than scattering it too thinly?’” Gates Foundation CEO Suzman told AP.
During its first 25 years, the Gates Foundation spent $100 billion on its endeavors. With Gates’s donation, it will now have double the amount to spend before its deadline.
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