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Business Mayor
12-05-2025
- Business
- Business Mayor
Bill Gates's $200bn giveaway challenges billionaires who ‘die rich'
This article is an on-site version of our Moral Money newsletter. Premium subscribers can sign up here to get the newsletter delivered three times a week. Standard subscribers can upgrade to Premium here, or explore all FT newsletters. Visit our Moral Money hub for all the latest ESG news, opinion and analysis from around the FT Welcome back. With publicly funded foreign aid put 'into the wood chipper' in the US, and hit by sharp cuts in much of Europe, the question is now whether private philanthropy can step into the breach to help address the world's most urgent humanitarian challenges. There's a vast amount of financial firepower on hand. The world's 100 richest people hold wealth of $5.6tn, according to the latest Forbes Billionaires List. Philanthropic foundations have about $1.6tn in their coffers in the US alone. As I highlight below, Microsoft co-founder Bill Gates's move to step up his pace of giving marks a significant change of approach. Will it catch on? PHILANTHROPY Bill Gates 'accelerates' his giving. Will other billionaires follow? 'The man who dies leaving behind him millions of available wealth . . . dies disgraced,' the steel tycoon Andrew Carnegie wrote in his famous essay The Gospel of Wealth . Carnegie didn't quite pass his own test — he'd given away most of his vast fortune at his death in 1919 but still had personal wealth of $30mn, more than $500mn in today's money. Yet his admonition has rung down the centuries, and has now inspired a major shift in approach from his modern-day counterpart Bill Gates — a move that raises some awkward questions for the world's wealthiest philanthropists and foundations. Since Gates set up his eponymous foundation with his then wife Melinda in 2000, the body has spent or given $102bn towards charitable goals, with a primary focus on tackling public health problems in developing countries. Yet during that time, Gates's personal wealth has grown from $63bn to $108bn, according to Forbes, thanks to the appreciation of a diversified investment portfolio that still includes a stake of roughly 1 per cent in Microsoft. On Thursday, Gates announced a plan to sharply increase the pace of his giving, citing Carnegie's writing as inspiration. '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 on his blog. 'There are too many urgent problems to solve for me to hold onto resources that could be used to help people.' Gates, who will turn 70 this year, said he now planned to give away 'virtually all' his wealth over the next 20 years, during which time he expected the foundation to spend more than $200bn. At the end of 2045, he said, the Gates Foundation would close its doors for good. That is a dramatic change of strategy for the organisation, which was previously mandated to keep running for up to 50 years after the death of its founders. Bill Gates plans to give away 'virtually all' his wealth over the next 20 years © REUTERS Gates's decision comes amid an ongoing debate about the pace of charitable spending by US philanthropic foundations, which hold over $1.6tn. Most of the biggest ones are 'perpetual', meaning their trustees have a dual mandate: to use their money for good causes, but also protect enough of it to ensure their indefinite survival. The bodies commonly spend only slightly more than 5 per cent of their assets per year — the US legal minimum for charitable foundations. By securing investment returns above that level, many have been able to secure strong growth in the size of their endowments. It's not hard to see the appeal that a perpetual foundation would have to an ageing plutocrat, worried about being forgotten after death. But proponents of the model argue that it can be a crucial means of providing stable support for causes that could otherwise suffer painful swings in funding (see my interview last year with outgoing Ford Foundation head Darren Walker). Gates gave a thinly veiled swipe at the perpetual model, however, as he outlined his accelerated spending plans. The approach 'allows us to do a lot more because we're not trying to steward our money for some weird legacy thing,' he told the New York Times. 'If we were trying to be a forever foundation, instead of being able to spend $9 billion a year, we'd have to drop down to spending like $6 billion a year.' Andrew Carnegie had given away most of his fortune by his death in 1919 Gates's announcement has also laid down an implicit challenge to his fellow billionaires. In 2010 he launched the Giving Pledge initiative, which called on the super-rich to commit to giving away 'the majority' of their wealth during their lifetimes or in their wills. About 240 donors have joined the club so far. In the somewhat vaguely worded pledge to give away 'virtually all' his wealth during his lifetime, Gates has left himself a bit of wiggle-room — but this is clearly a step up from the ambition of the Giving Pledge. To Gates's critics, the prospect of his exercising still greater international clout through expanded philanthropic spending will look worrying. Anand Giridharadas's 2018 book Winners Take All , for example, argued forcefully that large-scale philanthropy is another means by which the ultra-rich exert power over society, and entrench and legitimise the unequal status quo from which they've benefited. More recently, Tim Schwab's The Bill Gates Problem contended that Gates already has a troubling degree of personal control over health and agricultural policy in much of Africa and beyond. Still, if his approach to 'accelerated' giving catches on, Gates will deserve some credit for adding urgency and ambition in the philanthropic sector, at a time when many humanitarian causes are in urgent need of boosted funding. So too, perhaps, will Carnegie. Certainly, a figure deserving of greater recognition is Chuck Feeney, another influence cited by Gates in his announcement. The billionaire founder of the Duty Free Shoppers network gave away his entire fortune, save for about $2mn to support him and his wife in their old age. Feeney died aged 92 in 2023, having spent his last years living in a two-bedroom rented apartment in San Francisco. His foundation had closed three years earlier, after contributing $8bn to causes ranging from peace in Northern Ireland to Aids medication in South Africa. 'It's a lot more fun to give while you're alive than to give while you're dead,' Feeney once said. Smart reads Export challenge Campaigners are taking the UK government to court in an attempt to block British companies from exporting fighter jet components to Israel. Cash injection CATL, the world's largest maker of electric car batteries, plans to raise at least $4bn on the Hong Kong stock exchange, in the world's biggest public listing so far this year. Full Disclosure — Keeping you up to date with the biggest international legal news, from the courts to law enforcement and the business of law. Sign up here Energy Source — Essential energy news, analysis and insider intelligence. Sign up here
Forbes
24-04-2025
- Automotive
- Forbes
CATL Battery Billionaire And Wife Donate $137 Million To Fudan
Chinese EV battery billionaire Li Ping and his wife Liao Mei have decided to make a one-time donation of one billion yuan, or about $137 million, to Fudan University to support a new institute of advanced studies, the school said in an announcement on Tuesday. Li is a 1985 graduate from the elite Shanghai-headquartered school's department of materials who went on to become vice chairman of Contemporary Amperex Technology, or CATL, one of the world's largest makers of EV batteries. Liao graduated from Fudan's history department in 1986. The new institute, to be called the Xue Min Institute of Advanced Studies, aims to attract world-class scholars and focus on natural science and basic research, Fudan said. Greater China, including mainland China and Hong Kong, accounted for nine of the top 20 billionaires in the world automotive industry on the 2025 Forbes Billionaires List released earlier this month. Among them, Li, a Hong Kong citizen, had an estimated fortune worth $7.3 billion. Tesla's Elon Musk was the world's richest automotive industry billionaire with an estimated fortune worth $342 billion. CATL Chairman and CEO Robin Zeng came in second among the auto industry's richest with a fortune worth $37.9 billion. Wang Chuanfu, chairman of China's BYD – the world's biggest EV maker, ranked third at $26.4 billion. (See related report by Forbes China here.) Apple Supplier's Chairman Leads New List Of China's Top Businesswomen Look Out McDonald's And KFC: Here Comes China's Alan Song Derek Li And Squirrel Ai Aim To Lead The Future Of AI-Driven Education
Forbes
06-04-2025
- Business
- Forbes
Ex-Wife Of Dick's Sporting Goods Chairman Is A Billionaire
Dick's Sporting Goods is a 77-year-old company but it's had one of the strongest runs of any American retailer since the end of the Covid-19 pandemic. Shares of the Pittsburgh, Pennsylvania-based sporting goods chain soard more than 850% over the past five years, hitting an all-time high of nearly $250 a share on inauguration day. Dick's' strong financial performance propelled the net worth of Ed Stack, the son of Dick's founder Richard 'Dick' Stack and the company's longtime CEO, to over $5 billion earlier this year. While the stock has fallen amid Trump's tariff wars, the strong performance in recent years has also propelled Stack's ex-wife, Denise Prenosil, into the ranks of the World's Billionaires for the first time; she is now worth an estimated $1 billion. Prenosil, 65, married Stack in 1984, the same year he and his four siblings bought Dick's from their father, who opened the first store in Binghamton, New York in 1948. There were just two locations at the time and the Stack siblings agreed to pay $1.25 million for the business over 20 years. Stack took over as CEO and ran it for nearly four decades, transforming the business into a $13 billion (2024 revenue) chain with more than 850 locations across the U.S. Stack's siblings have not been involved in the business for decades and none of them own more than 5% of the company today; Stack remains its largest individual shareholder. (Read Forbes' magazine profile of Stack from December 2024.) Prenosil received 4 million Dick's shares and 3.4 million Dick's options after the pair divorced in 2006, according to filings with the Securities and Exchange Commission, which reference a March 2009 agreement. (She first shows up in public filings in 2009). Forbes estimates that she exercised all her options and sold the resulting shares between 2010 and 2017, pocketing nearly $100 million (after tax). But Prenosil held onto all 4 million of her common shares – which are worth around $820 million today. Taking into account dividends and investment appreciation over time, Forbes estimates Prenosil has at least $280 million in wealth outside her Dick's stock. Prenosil is one of just a handful of people on the Forbes Billionaires List who obtained their wealth through divorce. Other more high-profile examples include Melinda French Gates, the ex-spouse of Microsoft cofounder Bill Gates, and Amazon founder Jeff Bezos' ex-wife MacKenzie Scott, who have become two of the country's most generous philanthropists. Gates and Scott are worth $30 billion and $28 billion, respectively. Another billionaire thanks to her ex is Sue Gross who divorced PIMCO cofounder and billionaire Bill Gross in 2017 after 32 years of marriage. In her case, she walked away with roughly $1.3 billion and apparently two of her ex-husband's three cats. Less is known of Prenosil, who appears to keep a low profile and did not respond to requests for comment. She and Stack had five children together before they separated. At least one of their children, Michael Stack, works for Dick's Sporting Goods as vice president of strategy and corporate development. According to Ed Stack's 2019 Memoir, 'It's How We Play The Game,' she grew up in western Massachusetts and graduated magna cum laude from Boston College with a dual degree in accounting and marketing. 'She was smart and had big plans: she was working at a drugstore, learning the business on the sales floor, but saw herself rising through the ranks into high-level retail and living in a penthouse apartment overlooking New York,' Stack wrote. Prenosil could certainly afford that penthouse today but it's unclear if she ever bought one. The only property Forbes could find under her name: a $1 million, three-bedroom home in Gibsonia, Pennsylvania, a tiny town with roughly 3,000 residents as of 2023 near the Ohio border.
Yahoo
03-04-2025
- Business
- Yahoo
Nucor Corporation (NUE): Among the 10 Best Metal Stocks to Buy According to Billionaires?
We recently published a list of 10 Best Metal Stocks to Buy According to Billionaires. In this article, we will look at where Nucor Corporation (NYSE:NUE) stands against other best metal stocks to buy. When investing in the best metal stocks, the stakes are high, and the potential rewards are even higher. Metals power the modern economy, from the foundations of skyscrapers to the circuits in your smartphone. For savvy investors, these commodities offer a strategic opportunity to capitalize on global demand, fluctuating prices, and billionaire-backed bets that shape the future of the industry. As of March 2025, the U.S. stock market has been riding a wave of volatility, with the broader market reaching a record high of 6,152.87 in February, marking a 3.49% increase year-to-date. However, the index suffered a decline in March. Meanwhile, copper prices have skyrocketed to an unprecedented $5.24 per pound, largely driven by looming 25% tariffs on imports and China's aggressive economic stimulus measures. Investors have been quick to respond, driving up the stock prices of major mining giants. The precious metals sector has been equally dynamic. Gold futures are climbing 14%, and analysts are projecting further earnings growth of 17% in 2025 and 16% in 2026. One of the strongest signals in the metals market comes from billionaire investors. Heavyweights like Berkshire Hathaway, led by Warren Buffett, have a strong presence in the metals sector, with a strategic focus on silver and gold mining companies rather than direct gold ownership. Beyond U.S. borders, Buffett's investment strategy has extended into Japan's massive trading conglomerates. These firms operate across multiple industries, with significant stakes in natural resources and metals, highlighting the global nature of the metals market. The rise of rare metals has also drawn significant interest, with billionaires like Bill Gates and Jeff Bezos funneling $537 million into Africa's rare metals sector, as reported by Business Insider. As the world shifts toward renewable energy and advanced technology, the demand for critical minerals is soaring, promising new wealth for those who control these resources. With 40% of investors planning to increase their exposure to gold and other precious metals in the next 12 months, as highlighted by the UBS Billionaire Ambitions Report 2024, the metals and mining sector remains a dynamic and lucrative space. While tech and banking CEOs dominate the headlines, eight of the world's 100 richest individuals on the Forbes Billionaires List have built their fortunes in metals and mining. Understanding the factors driving these investments is key to making informed decisions. Deloitte's Tracking the Trends 2025 Report highlighted the key trends in the industry. Specifically, it underscores the power of inclusive leadership in driving innovation and problem-solving in the metals industry—critical in today's fast-evolving economic, social, and environmental landscape. Companies that embrace technology, enhance safety, and stay adaptable position themselves for sustainable growth. Meanwhile, AI is revolutionizing mineral exploration, optimizing geoscience data to accelerate target identification, slash costs, and streamline project timelines—essential for mitigating metal shortages. On the revenue side, PwC's Mine Report revealed that despite increased production, the world's top 40 miners saw revenues drop over 7% in 2024 due to falling commodity prices and rising costs. KPMG's 2024 industry index shows modest gains despite geopolitical turbulence and macroeconomic pressures. Key challenges? Tech investment, ecosystem collaboration, talent acquisition, and funding. On the billionaire front, metals and mining remain a lucrative—albeit volatile—business. The world's richest investors play long games, with Warren Buffett notably favoring silver over gold due to its industrial and medical applications. As always, informed strategies separate winners from the rest. In the next section, we'll delve into the methodology used to identify the best metal stocks to buy, backed by billionaire insights and industry trends. A close-up of a worker inspecting a galvanised sheet steel product in a well-lit warehouse. We used Insider Monkey's exclusive database of billionaire stock holdings to arrive at our list of best metal stocks to buy according to billionaires. We selected the 10 best stocks to buy based on the highest number of billionaire investors, updated as of Q4 2024. For the stocks with the same number of billionaire holdings, we have used the total dollar value of billionaire holdings as a secondary metric to rank the stocks. Billionaires are founders or managers of some of the world's leading hedge funds and companies. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Number of Billionaires: 12 Nucor Corporation (NYSE:NUE) is North America's largest and most diversified steel and steel products company, as well as the region's largest recycler. Nucor products serve various industries, such as automotive, construction, infrastructure, and renewable energy. Nucor Corporation (NYSE:NUE) reported net earnings of $1.22 per diluted share in Q4 2024. However, the company has guided Q1 2025, anticipating adjusted earnings between $0.50 and $0.60 per diluted share. This projection reflects challenges such as lower average selling prices in the steel products segment. Despite these near-term challenges, analysts remain optimistic about Nucor's prospects. UBS has upgraded Nucor Corporation (NYSE:NUE) to a 'Buy' rating, citing the positive impact of the 25% tariffs on steel and aluminum imports implemented by President Trump's administration. These tariffs have led to increased steel prices, which are expected to bolster Nucor's earnings. U.S. steel prices have climbed sharply this year, with benchmark hot-rolled coil (HRC) prices rising over 25%. As steel prices continue to strengthen, companies like Nucor Corporation (NYSE:NUE) are well-positioned to benefit. As of March 28, 2025, Nucor's stock is trading at $123.01, reflecting a slight decrease from the previous close. The average price target from 16 ratings stands at $154.70, suggesting a 28.05% upside. Overall, NUE ranks 7th on our list of the best metal stocks to buy according to billionaires. While we acknowledge the potential for NUE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NUE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at .
Yahoo
01-04-2025
- Business
- Yahoo
Agnico Eagle Mines Limited (AEM): Among the 10 Best Metal Stocks to Buy According to Billionaires?
We recently published a list of 10 Best Metal Stocks to Buy According to Billionaires. In this article, we will look at where Agnico Eagle Mines Limited (NYSE:AEM) stands against other best metal stocks to buy. When investing in the best metal stocks, the stakes are high, and the potential rewards are even higher. Metals power the modern economy, from the foundations of skyscrapers to the circuits in your smartphone. For savvy investors, these commodities offer a strategic opportunity to capitalize on global demand, fluctuating prices, and billionaire-backed bets that shape the future of the industry. As of March 2025, the U.S. stock market has been riding a wave of volatility, with the broader market reaching a record high of 6,152.87 in February, marking a 3.49% increase year-to-date. However, the index suffered a decline in March. Meanwhile, copper prices have skyrocketed to an unprecedented $5.24 per pound, largely driven by looming 25% tariffs on imports and China's aggressive economic stimulus measures. Investors have been quick to respond, driving up the stock prices of major mining giants. The precious metals sector has been equally dynamic. Gold futures are climbing 14%, and analysts are projecting further earnings growth of 17% in 2025 and 16% in 2026. One of the strongest signals in the metals market comes from billionaire investors. Heavyweights like Berkshire Hathaway, led by Warren Buffett, have a strong presence in the metals sector, with a strategic focus on silver and gold mining companies rather than direct gold ownership. Beyond U.S. borders, Buffett's investment strategy has extended into Japan's massive trading conglomerates. These firms operate across multiple industries, with significant stakes in natural resources and metals, highlighting the global nature of the metals market. The rise of rare metals has also drawn significant interest, with billionaires like Bill Gates and Jeff Bezos funneling $537 million into Africa's rare metals sector, as reported by Business Insider. As the world shifts toward renewable energy and advanced technology, the demand for critical minerals is soaring, promising new wealth for those who control these resources. With 40% of investors planning to increase their exposure to gold and other precious metals in the next 12 months, as highlighted by the UBS Billionaire Ambitions Report 2024, the metals and mining sector remains a dynamic and lucrative space. While tech and banking CEOs dominate the headlines, eight of the world's 100 richest individuals on the Forbes Billionaires List have built their fortunes in metals and mining. Understanding the factors driving these investments is key to making informed decisions. Deloitte's Tracking the Trends 2025 Report highlighted the key trends in the industry. Specifically, it underscores the power of inclusive leadership in driving innovation and problem-solving in the metals industry—critical in today's fast-evolving economic, social, and environmental landscape. Companies that embrace technology, enhance safety, and stay adaptable position themselves for sustainable growth. Meanwhile, AI is revolutionizing mineral exploration, optimizing geoscience data to accelerate target identification, slash costs, and streamline project timelines—essential for mitigating metal shortages. On the revenue side, PwC's Mine Report revealed that despite increased production, the world's top 40 miners saw revenues drop over 7% in 2024 due to falling commodity prices and rising costs. KPMG's 2024 industry index shows modest gains despite geopolitical turbulence and macroeconomic pressures. Key challenges? Tech investment, ecosystem collaboration, talent acquisition, and funding. On the billionaire front, metals and mining remain a lucrative—albeit volatile—business. The world's richest investors play long games, with Warren Buffett notably favoring silver over gold due to its industrial and medical applications. As always, informed strategies separate winners from the rest. In the next section, we'll delve into the methodology used to identify the best metal stocks to buy, backed by billionaire insights and industry trends. A macro view of a gold mine, with miners hard at work in the foreground. We used Insider Monkey's exclusive database of billionaire stock holdings to arrive at our list of best metal stocks to buy according to billionaires. We selected the 10 best stocks to buy based on the highest number of billionaire investors, updated as of Q4 2024. For the stocks with the same number of billionaire holdings, we have used the total dollar value of billionaire holdings as a secondary metric to rank the stocks. Billionaires are founders or managers of some of the world's leading hedge funds and companies. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Number of Billionaires: 11 Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian-based senior gold mining company and the third-largest gold producer globally. The company operates mines in Canada, Australia, Finland, and Mexico and maintains a pipeline of high-quality exploration and development projects. In February 2025, Agnico Eagle Mines Limited (NYSE:AEM) reported record annual gold production and free cash flow for the full year of 2024. The company also provided an updated three-year guidance, indicating stable production levels and ongoing optimization of existing mines. In March 2025, Agnico Eagle Mines Limited (NYSE:AEM) announced a strategic investment in Collective Mining Ltd., subscribing for approximately 4.74 million common shares for C$11.00 per share, totaling C$52.16 million. This investment aligns with Agnico Eagle's strategy to expand its presence in high-quality exploration projects. Additionally, it has agreed to subscribe to 20,770,000 units of Cartier Resources Inc. The recent surge in gold prices has positively impacted Canadian gold mining stocks, with Agnico Eagle's stock value rising by 38% year-to-date, reflecting a market capitalization of $53.51 billion. Analysts hold a consensus Buy opinion on Agnico Eagle's stock, citing its strong earnings growth, record production, and free cash flow. With 88% of 17 analysts recommending a Buy, Agnico Eagle Mines Limited (NYSE:AEM) is positioned well as one of the best metal stocks to invest to tap into the gold sector. Overall, AEM ranks 8th on our list of the best metal stocks to buy according to billionaires. While we acknowledge the potential for AEM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AEM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at . Sign in to access your portfolio
