According to reports, Bill Gates Intends to Stop Being One of the World’s Richest People. The billionaire made a $20 billion donation, which removed him from the list.
Bill Gates, the founder of Microsoft, has long advocated for philanthropy. However, the billionaire’s latest pledge is so large that it will knock him off the list of the world’s wealthiest people.
On Wednesday, Gates announced on Twitter that the Bill and Melinda Gates Foundation’s annual spending would increase from $6 billion to $9 billion by 2026. In addition, Gates contributed $20 billion to the fund’s endowment.
In 2000, Gates and his then-wife Melinda French Gates established the foundation, with the primary goals of improving healthcare, reducing poverty, expanding educational opportunities, and increasing access to information technology.
The billionaire began by discussing global crises and “setbacks,” such as the pandemic, the Ukraine-Russia conflict, climate change, and gender equality in the United States.
Gates wrote “I’m still optimistic. These setbacks are happening in the context of two decades’ worth of historic progress and I believe it is possible to mitigate the damage and get back to the progress the world was making,”
Although the foundation bears the Gates name, basically half its resources have come from Warren Buffett. Most of Bill Gates’ early donations were gifts of Microsoft stock rather than his fortune.
He ended the Twitter thread by saying, “As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s people.
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As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people.
— Bill Gates (@BillGates) July 13, 2022