Bill Gates vows to give away 99 per cent of his fortune by 2045
That target would represent a doubling in spending for the nonprofit, which has disbursed more than $US100 billion since it was co-founded by Bill Gates and Melinda French Gates in 2000. Originally, the foundation was set to close 20 years after the Microsoft co-founder's death.
'I have decided to give my money back to society much faster than I had originally planned,' Gates, 69, wrote in a statement. 'I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world.'
Foundation Chief Executive Officer Mark Suzman said in a call with reporters that the giving will equate to roughly 99 per cent of Gates' remaining fortune.
Gates is the fifth-richest person in the world with a net worth $US168 billion, according to the Bloomberg Billionaires Index. He and French Gates have given $US60.2 billion to the foundation from its inception through 2024.
The foundation distributes billions of dollars a year to causes around the world — mainly health, global development and education. In its statement on Thursday, it said it has helped save 82 million lives through its efforts to increase access to vaccines in low-income countries and its global funding to fight AIDS, tuberculosis and malaria.
'People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them.'
Bill Gates
In its remaining 20 years, the foundation, which employs more than 2000 people, will focus on ending preventable childbirth deaths, eliminating deadly infectious diseases and lifting people out of poverty, according to the statement.
On a call with reporters on Thursday morning, Suzman also said the foundation will work to improve education in the US and address climate change-related issues, including developing crops with drought resistance.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
20 hours ago
- Sydney Morning Herald
Wall Street surge makes billionaire CEO one of the richest women in the world
In the artificial intelligence gold rush, even pick-and-shovel companies like Arista Networks are seeing their fortunes swell. The hardware provider's shares have more than doubled since April, reaching an all-time high last week. Arista's run has made its chief executive officer, Jayshree Ullal, 64, one of the richest women in the world with a $US6.4 billion ($9.8 billion) fortune and among only a handful of non-founder executives to achieve that level of wealth, according to the Bloomberg Billionaires Index. She owns a 3 per cent stake in the company through trusts for herself, her children and a niece and nephew. The rise in Arista's stock has also pushed co-founder and chief technology officer Ken Duda, 54, to a $US1.2 billion net worth, according to Bloomberg's wealth list, joining fellow co-founders Andy Bechtolsheim, 69, and David Cheriton, 74, in that exclusive club. A spokesperson for California-based Arista declined to comment. Another runaway year could boost Ullal into the ranks of the world's 500 richest people after the networking company reported second-quarter earnings on Tuesday that beat analysts' estimates and raised its full-year revenue growth guidance. Loading 'The company is very much built by engineers for engineers,' Ullal said in a 2020 interview hosted by Notre Dame University. 'You may think, obviously that's how it should be. But you'd be surprised how people lose track of that.' Networking network Duda, Bechtolsheim and Cheriton worked together at Granite Systems, a startup co-founded by Cheriton, a Stanford University professor, and Bechtolsheim, who had founded Sun Microsystems before leaving in the 1990s. A software engineer known for his technical acumen, Duda studied computer science and electrical engineering at Massachusetts Institute of Technology and Stanford.
Perth Now
20 hours ago
- Perth Now
Nasdaq posts record closing high with tech gains
US stocks ended higher and the Nasdaq notched a record closing high for the second straight day on Friday as technology-related shares, including Apple, gained and as investors were optimistic about potential interest rate cuts. The three major indexes also registered solid gains for the week. Apple shares climbed 4.2 per cent on Friday and were up 13.3 per cent for the week in their biggest weekly percentage gain since 2020. US President Donald Trump on Wednesday said Apple would invest an additional $US100 billion ($A153 billion) in the US, bringing its total commitment to $US600 billion ($A919 billion) over the next four years. The S&P 500 technology and communication services indexes led sector gains for the S&P 500 on Friday and the indexes also posted record high closes. Also helping the S&P 500, shares of Gilead Sciences jumped 8.3 per cent after it raised its full-year financial outlook. Recent weaker economic data has underpinned expectations for rate cuts, while investors are evaluating Trump's interim pick for a Federal Reserve governor. The president late in Thursday's session nominated Council of Economic Advisers Chair Stephen Miran to a short-term board seat following Adriana Kugler's abrupt exit last week, as he narrowed his shortlist to succeed Fed Chair Jerome Powell, whose term ends on May 15. Miran, who is often aligned with Trump, has previously suggested Powell was "too late" in lowering rates. "There are certainly investors who think if the Fed is going to cut rates then the overarching theme is, don't fight the Fed on lower rates," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. "The other side of the equation has really been the tariffs, and how the tariffs turn out remains uncertain." Expectations for a rate cut of at least 25 basis points by the Fed at its September meeting stand at 89.4 per cent, according to CME's FedWatch Tool, up from 80.3 per cent a week ago. Futures are pointing to at least two cuts by year-end. Trump's higher tariffs on imports from dozens of countries kicked in this week. The Dow Jones Industrial Average rose 206.97 points, or 0.47 per cent, to 44,175.61, the S&P 500 gained 49.45 points, or 0.78 per cent, to 6,389.45 and the Nasdaq Composite gained 207.32 points, or 0.98 per cent, to 21,450.02. It was the Nasdaq's 18th record closing high for 2025, with the index now up about 11 per cent for the year so far. The S&P 500 ended just shy of a record closing finish. For the week, the S&P 500 rose 2.4 per cent, the Dow gained 1.3 per cent and the Nasdaq climbed 3.9 per cent. A look at inflation trends will test the US stock market's rally in the coming week, with some investors saying equities could be set for a pullback. The monthly US consumer price index report is due on Tuesday. Investors also are monitoring US-India trade relations as New Delhi shelved fresh US arms and aircraft purchases, according to three Indian officials, after Trump hiked tariffs on Indian exports to 50 per cent this week. Among other gainers Friday, shares of Expedia rose 4.1 per cent after the company raised its annual forecast for gross bookings and revenue growth. With results in now from more than 450 of S&P 500 companies, estimated earnings growth for the second quarter was at 13.2 per cent on Friday, up from 5.8 per cent on July 1, according to LSEG. Advancing issues outnumbered decliners by a 1.37-to-1 ratio on the NYSE. There were 272 new highs and 88 new lows on the NYSE. On the Nasdaq, 2,442 stocks rose and 2,157 fell as advancing issues outnumbered decliners by a 1.13-to-1 ratio. Volume on US exchanges was 16.18 billion shares, compared with the 18.27 billion average for the full session over the last 20 trading days.
Sydney Morning Herald
21 hours ago
- Sydney Morning Herald
The stock surge that has made billionaire CEO one of the richest women in the world
In the artificial intelligence gold rush, even pick-and-shovel companies like Arista Networks are seeing their fortunes swell. The hardware provider's shares have more than doubled since April, reaching an all-time high last week. Arista's run has made its chief executive officer, Jayshree Ullal, 64, one of the richest women in the world with a $US6.4 billion ($9.8 billion) fortune and among only a handful of non-founder executives to achieve that level of wealth, according to the Bloomberg Billionaires Index. She owns a 3 per cent stake in the company through trusts for herself, her children and a niece and nephew. The rise in Arista's stock has also pushed co-founder and chief technology officer Ken Duda, 54, to a $US1.2 billion net worth, according to Bloomberg's wealth list, joining fellow co-founders Andy Bechtolsheim, 69, and David Cheriton, 74, in that exclusive club. A spokesperson for California-based Arista declined to comment. Another runaway year could boost Ullal into the ranks of the world's 500 richest people after the networking company reported second-quarter earnings on Tuesday that beat analysts' estimates and raised its full-year revenue growth guidance. Loading 'The company is very much built by engineers for engineers,' Ullal said in a 2020 interview hosted by Notre Dame University. 'You may think, obviously that's how it should be. But you'd be surprised how people lose track of that.' Networking network Duda, Bechtolsheim and Cheriton worked together at Granite Systems, a startup co-founded by Cheriton, a Stanford University professor, and Bechtolsheim, who had founded Sun Microsystems before leaving in the 1990s. A software engineer known for his technical acumen, Duda studied computer science and electrical engineering at Massachusetts Institute of Technology and Stanford.
