Bill Gates' net worth plummets $51 billion within days as Microsoft mogul amps up philanthropy
The megabucks Microsoft founder's fortune has plunged a staggering $51 billion in a few days because he's ramped-up hist charitable donations, according to the Bloomberg Billionaire index.
Once the richest man on earth, Gates' net worth fell to a measly $124 billion on Thursday – a steep drop from the $175 billion he had in hand as recently as July 3 and sinking him to 12th place in the index rankings.
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Among the billionaires who now surpass Gates, 69, is his former right-hand man at Microsoft, Los Angeles Clippers owner Steve Ballmer, who is now ranked the fifth-richest man in the world at $173 billion.
4 Bill Gates' net worth – which was $175 billion as of July 3 – plummeted to $124 billion Thursday, according to the Bloomberg Billionaire index.
AFP via Getty Images
Tesla founder Elon Musk tops the list with a net worth of $360 billion.
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Gates' net worth is sinking in large part because of his pledge to not die rich.
In May, he revealed that he wants to give away 99% of his money within the next 20 years before closing the Gates Foundation he created with his former wife, Melinda, on Dec. 31, 2045.
4 Gates' net worth is sinking in large part because of his pledge to not die rich.
ZUMAPRESS.com
'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,' Gates wrote in a May 8 blog post.
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'There are too many urgent problems to solve for me to hold onto resources that could be used to help people.'
Gates' decision to give away his fortune came after he saw firsthand the impact of his foundation's work distributing vaccines for easily treatable illnesses that still kill many in the third world, such as diarrhea and pneumonia, he said.
4 Gates' former his former right-hand man at Microsoft, Los Angeles Clippers owner Steve Ballmer, is now ranked the fifth-richest man in the world with $173 billion.
Getty Images
But it also came in the face of what he called a stalling of progress as the U.S. and Europe cut back on foreign aid and reduced humanitarian funding in the face of conflict in Ukraine and Israel.
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Bloomberg on Thursday noted it lowered Gates' appreciation rates to 'better reflect Gates' outside charitable giving and the wealth estimate,' Forbes reported.
4 Bill Gates and his ex-wife Melinda established their philanthropic Gates Foundation in 2000.
CBS via Getty Images
Still, Gates isn't changing his stance.
As of Saturday, his fortune had slipped again, to an estimated $123 billion, according to Bloomberg.
Gates and his former wife established their foundation in 2000, with plans to continue its philanthropic work for decades after their deaths.
The foundation, one of the world's largest charitable organizations, has reportedly given away more than $100 billion since its inception.
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