Bill Gates pledges remaining fortune to Gates Foundation

Bill Gates has announced plans to donate 99% of his remaining tech fortune to the Gates Foundation, which will now close in 2045, earlier than previously scheduled. This donation, estimated at $107 billion today, is one of the largest philanthropic gifts ever made. Warren Buffett’s pledge to donate his fortune, currently valued at $160 billion, may be larger depending on stock market fluctuations.

The donation will be distributed over time, allowing the foundation to spend an additional $200 billion over the next 20 years. This move aims to support causes like global health and U.S. education while ensuring that Gates’ intentions are fulfilled. Gates believes that spending down his fortune will have a positive impact on many lives and create lasting effects even after the foundation’s closure.

The Gates Foundation, established in 2000 by Bill Gates and Melinda French Gates, has been influential in global health policy and partnerships with companies to make medical treatments more affordable for low- and middle-income countries. The foundation’s CEO, Mark Suzman, emphasized the organization’s significant role in reducing childhood deaths and addressing global health challenges.

With major changes within the foundation, including Bill and Melinda French Gates’ divorce and Warren Buffett’s resignation as a trustee, the foundation is set to wind down by 2045. Despite challenges like conflicts in Ukraine and economic uncertainties, Gates and the foundation remain optimistic about their efforts to improve global health and address pressing issues.