Financial experts often advise being careful with your money allocation to avoid running out of it. However, the goal of millionaire Bill Gates is to run out of money.
The Microsoft co-founder reiterated his promise to donate “nearly all of my fortune to the foundation” and eventually disappear from the list of the world’s wealthiest individuals as he announced this week that he will be giving $20 billion to the Bill & Melinda Gates Foundation.
In a tweet published on Wednesday, Gates revealed his plans, stating that he has an obligation to contribute his resources to society in ways that have the greatest impact on reducing suffering and enhancing lives. And he sincerely hopes that other people who enjoy great riches and privilege will do the same at this time. Over $50 billion has already been donated to the foundation by Gates and his ex-wife Melinda French Gates since 1994. But in order for the fourth-richest person in the world to succeed, he will have to make a significant charitable contribution, giving up almost all of his estimated $113 billion fortune.
Bill Gates tweeted that despite the fact that the foundation bears their names, Warren Buffett has provided them with the majority of our funding. His extraordinary generosity is a major factor in the foundation’s ability to do as much as it has. He’ll never be able to sufficiently communicate how much he values his friendship and leadership.
Although the foundation bears our names, basically half our resources have come from Warren Buffett. His incredible generosity is a huge reason why the foundation has been able to be so ambitious. I can never adequately express how much I appreciate his friendship and guidance. pic.twitter.com/at7MvJKxQv
— Bill Gates (@BillGates) July 13, 2022
He further tweeted that he intends to donate almost all of his wealth to the foundation as he looks to the future. He’ll descend and dissolve from the list of the richest people in the world.
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
He also tweeted that he has a responsibility to give back to society his resources in ways that will most significantly lessen suffering and enhance people’s lives. And he hopes that other people who hold positions of tremendous wealth and privilege will do the same at this time.
I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too.
— Bill Gates (@BillGates) July 13, 2022
The Gates Foundation works in underdeveloped nations to advance education, address inadequate hygienic conditions, and combat diseases like malaria. With $49.8 billion in assets, it was recognized as the second largest charitable foundation in the world in 2020 and is supported by other wealthy donors, including billionaire investor Warren Buffett.
Most Expensive Split Sparks New Revelations As Bill And Melinda Gates Ended 27 Years Of Marriage
Although the foundation has done good work, some have questioned whether it is right for a private group to wield such authority.
The foundation overtook the US as the second-largest private donor to the World Health Organization in 2018 with its regular contribution. After previous President Donald Trump threatened to cut off US financing, worries over this increased. Between 1995 and 2010, as well as again from 2013 to 2017, According to Forbes, Gates held the title of the richest man in the world. Before Elon Musk, CEO of Tesla took over as top in 2022, Amazon founder Jeff Bezos had surpassed him in 2017.
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