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Bill Gates Plans To Give Away ‘Virtually All’ His $113 Billion
(CTN News) – It is generally recommended by financial experts to allocate your money carefully so as not to run out. Bill Gates, however, is determined to run out of money.
In announcing his $20 billion donation, the Microsoft co-founder reaffirmed his pledge to give away “virtually all of my wealth” and eventually drop off the list of the world’s wealthiest.
Bill Gates announced his plans on Wednesday, writing on Twitter: “I have an obligation to return my resources to society in a way that will reduce suffering and improve lives.” I hope others of great wealth and privilege will do the same.
Since 1994, Bill Gates and his ex-wife Melinda French Gates have donated more than $50 billion to the foundation. For the fourth-richest person in the world to achieve his goal, he’ll have to give away nearly all of his fortune, which Bloomberg estimates at $113 billion.
This is how he can do it, and what the impact might be.
The Bill Gates Foundation’s impact so far — and a look ahead
According to Bill Gates’ blog post on Wednesday, the Bill Gates Foundation plans to spend $9 billion by 2026, up from $6 billion now.
There is a greater need than ever in all the areas where we work. The great crises of our time require all of us to do more,” Bill Gates wrote, noting recent “huge global setbacks” like the Covid-19 pandemic and Russia’s invasion of Ukraine.
One of the world’s largest foundations, the foundation supports a variety of causes, with a particular focus on addressing global issues like disease, poverty, climate change, and access to healthcare and education.
Bill Gates’s fortune may grow further before he gives it all away
The vast majority of Gates’ wealth comes from private holdings and common stock, that include a reported 1% stake in Microsoft worth roughly $19 billion.
Despite past donations to charity and a transfer of $6 billion to his ex-wife from their divorce in 2021, Gates’ net worth has risen by about 25% over the past five years.
In the future, Bill Gates may have even more than $113 billion to give away if those assets continue to gain value.
In the past, Bill Gates has donated shares of Microsoft and other investments directly to charities such as the Bill & Melinda Gates Foundation, which keeps most of its endowment in stock. He could continue to donate stock or liquidate some holdings and donate cash.
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