5 days ago
Bill Gates Net Worth Fall: How did Microsoft co-founder lost 51 billion dollars? Here's his new global billionaire ranking and unique pledge
Bill Gates
, co-founder of Microsoft,
has seen his
net worth
fall by $51 billion
in a few days. This change is due to his ongoing philanthropic activities. Gates has pledged to give away nearly all his fortune by 2045.
Bill Gates Net Worth Fall: Why is He Losing Money?
Bill Gates' net worth dropped from $175 billion to $124 billion between July 3 and Thursday, according to
Bloomberg Billionaire Index
. The decline was recorded over just a few days. Bloomberg also updated Gates' appreciation rates to reflect his recent charitable giving.
As of Saturday, Gates' estimated fortune had dropped again to $123 billion. This new figure placed him 12th on the global billionaire rankings.
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Who Holds Top Spot in Global Billionaire Rankings?
Gates is now ranked lower than his former Microsoft colleague, Steve Ballmer. Ballmer owns the Los Angeles Clippers and is currently worth $173 billion. He holds the fifth spot in the global list.
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Elon Musk remains at the top of the billionaire index. The Tesla and SpaceX founder has a net worth of $360 billion, according to Bloomberg.
Bill Gates Unique Pledge
Gates has committed to giving away 99% of his wealth within 20 years. He plans to close the Bill and Melinda
Gates Foundation
by December 31, 2045. In a blog post dated May 8, Gates stated that he does not want to be remembered as someone, who died rich.
He wrote that there are too many urgent problems in the world. He believes that resources should be used to help people, not hoarded.
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Why is Bill Gates Donating Money?
Gates was inspired by the effects of his foundation's efforts in distributing vaccines in developing countries. The vaccines target diseases like diarrhea and pneumonia, which still cause many deaths.
However, he also acknowledged that global progress in humanitarian aid has slowed. Gates noted reduced foreign aid from the US and Europe, especially due to conflicts in Ukraine and Israel.
Gates Foundation Background
The Gates Foundation was established in 2000 by Bill Gates and his former wife, Melinda. Since its creation, the foundation has donated over $100 billion. It is one of the largest philanthropic organizations in the world.
The foundation aims to continue its work long after the deaths of its founders. Gates has not changed his position on his
donations
, even with his falling net worth.
FAQs
Why did Bill Gates lose
51 billion dollars
?
Bill Gates lost 51 billion dollars because he increased his charitable giving as part of his plan to donate 99% of his wealth by 2045.
What is the Gates Foundation's donation total so far?
The Gates Foundation has donated over 100 billion dollars since it was founded in the year 2000 by Bill and Melinda Gates.
