5 days Ago
Urgency Behind the Decision
Gates said the move comes in response to ongoing global challenges, including funding cuts for public programs such as health and foreign aid. By accelerating his donations, he aims to boost efforts in areas the foundation already supports. This includes global health, poverty reduction, and equity-focused initiatives.
Inspiration for Others
Through this plan, Gates hopes to inspire other wealthy individuals to do the same. He co-launched the Giving Pledge in 2010 alongside French Gates and Warren Buffett. The pledge urges billionaires to donate the majority of their wealth either during their lifetime or in their wills. Over 240 individuals have signed on so far.
Legacy Over Wealth
Gates, who turns 70 later this year, said he is determined not to be remembered as someone who died rich. "There are too many urgent problems to solve for me to hold onto resources that could be used to help people," he wrote.
Foundation's Global Impact
The Gates Foundation has already distributed over $100 billion since its start in 2000. Its investments include vaccine development, healthcare technologies, and disease prevention. The new announcement marks a much faster pace of giving, especially following recent global health crises.
Focus for the Next Two Decades
From now until 2045, the foundation will concentrate on three primary goals: ending preventable maternal and infant deaths, eradicating infectious diseases, and helping hundreds of millions escape poverty. The foundation expressed concern over slowing progress in global health, urging urgent action.
Criticism of Aid Cuts
During a recent interview, Gates criticized Elon Musk for allegedly contributing to the rollback of U.S. aid programs, stating it could harm the world's most vulnerable populations. Gates also disclosed a February meeting with Donald Trump to discuss the effects of reducing international aid, especially from USAID.
Event Marks Commitment
At an event in New York announcing the plan, attendees included Mike Bloomberg, Jon Batiste, and other philanthropic leaders. CEO Mark Suzman warned that global development is facing the toughest economic and political conditions since the foundation's creation. He said that many gains made over the years are now at risk.
Hope in Technology
Despite the challenges, Gates expressed hope that artificial intelligence, combined with increased giving, can accelerate solutions to global issues. He remains optimistic that progress can be scaled up with the right approach and resources.
Gates' Personal Wealth Outlook
Currently worth $108 billion and ranked the fifth richest person globally, Gates expects his net worth to drop by 99% by 2045. The expected $200 billion in donations will come from the foundation's $77 billion endowment and his private assets, including business ventures like TerraPower.
French Gates' Exit and Microsoft's Milestone
Melinda French Gates, who left the foundation following their divorce in 2021, has stated she will not donate most of her fortune through it. The announcement also comes as Microsoft, co-founded by Gates and now valued at over $3 trillion, celebrated its 50th anniversary. Gates noted that this was the right time to give back using the wealth generated through the company.
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