Bill Gates pledges his remaining fortune to the Gates Foundation, which will close in 20 years.
Bill Gates says he will donate 99% of his remaining tech fortune to the Gates Foundation, which will now close in 2045, earlier than previously planned. Today, that would be worth an estimated $107 billion.
The pledge is among the largest philanthropic gifts ever – outpacing the historic contributions of industrialists like John D. Rockefeller and Andrew Carnegie when adjusted for inflation. Only Berkshire Hathaway investor Warren Buffett’s pledge to donate his fortune — currently estimated by Forbes at $160 billion — may be larger depending on stock market fluctuations.
Gates’ donation will be delivered over time and allow the foundation to spend an additional $200 billion over the next 20 years.
His announcement Thursday signals both a promise of sustained support to those causes, particularly global health and education in the U.S., and an eventual end to the foundation’s immense worldwide influence. Gates says spending down his fortune will help save and improve many lives now, which will have positive ripple effects well beyond the foundation’s closure. It also makes it more likely that his intentions are honored.
In addition to the $100 billion it has spent since its founding 25 years ago, it has directed scientific research, helped develop new technologies, and nurtured long-term partnerships with countries and companies.
About 41% of the foundation’s money so far has come from Warren Buffett and the rest from the fortune Gates made at Microsoft.
Started by Bill Gates and Melinda French Gates in 2000, the foundation plays a significant role in shaping global health policy and has carved out a special niche by partnering with companies to drive down the cost of medical treatments so low- and middle-income countries could afford them.
Source: Financeyahoo
