Bill Gates Accelerates Fortune Donation, Critiques Musk in International Edition
Microsoft co-founder Bill Gates announced Thursday an accelerated timeframe for giving away his fortune as he touted artificial intelligence as a game-changer to boost public health and save lives globally.
Under a new timetable, the Gates Foundation will spend more than $200 billion over the next 20 years, shutting down in 2045. The organization had originally planned to close 20 years after Gates' death.
The announcement came as Gates took aim at another billionaire tech titan, Elon Musk.
The CEO of Tesla enforced severe reductions on the budget of the US Agency for International Development since Musk "missed a social gathering that particular weekend," as Gates mentioned to The New York Times, seemingly criticizing Musk's personal life choices.
Bill Gates ranks at number 13 on the Forbes "real-time" billionaires list, boasting a fortune of $112.6 billion. Elon Musk leads the ranking with a net worth of $383.2 billion.
At the age of 69, Gates shared a graph illustrating his net worth dropping by 99 percent within two decades through a blog post detailing this change. He mentioned accelerating the rate at which he plans to donate funds.
Gates penned that people would speak freely about him after his death, yet he was resolved 'to die wealthy' wouldn’t be among those remarks.
In the year 2000, when Bill Gates relinquished his role as CEO at Microsoft, he also co-founded the Bill and Melinda Gates Foundation with his wife. Following their separation, which occurred in 2021, Melinda French Gates departed from the organization in 2024.
By the end of 2023, the entity boasted over $71 billion in assets and has been recognized for its role in transforming the landscape of international public health.
The list includes five offices across Africa along with sites in the United States, Europe, China, India, and the Middle East.
Gates pointed out advancements in healthcare initiatives such as programs aimed at eradicating polio and the development of a new rotavirus vaccine. This breakthrough has contributed to reducing child deaths caused by diarrhea by 75 percent annually.
Apart from the Gates Foundation, the former Microsoft CEO stated his intention to keep providing financial support for projects aimed at increasing access to affordable energy as well as pioneering research into Alzheimer’s disease.
Not a 'forever' foundation
In his blog entry, Gates acknowledged the influence of 19th-century American steel tycoon Andrew Carnegie, noting that his foundation continues to operate today.
However, Gates informed The New York Times that he did not intend to establish a "permanent" foundation driven by some peculiar sense oflegacy; instead, his preference was to continue disbursing billions to leverage new technological advancements.
"They are incredibly impressive," he stated regarding the possibilities of AI in global health.
"Entire intelligence will reside within the AI, providing each individual with access to a personal physician as competent as one employed full-time—this service could even surpass what affluent nations offer," Gates stated to the New York Times.
Although private foundations have significant capabilities, Gates emphasized the indispensable nature of governmental involvement, lamenting substantial budget reductions implemented by the United States, Britain, France, and various other nations.
"The continuity with which the wealthiest nations will advocate for their least fortunate counterparts remains uncertain. However, one certainty stands: within all our endeavors, the Gates Foundation will back initiatives aimed at assisting individuals and nations in lifting themselves from poverty," he penned.
The actions have encompassed the attack on USAID by Musk's "Department of Government Efficiency" during Donald Trump's presidency.
Gates described the reductions as "stunning," much deeper than anticipated.
Gates informed the New York Times that Musk was "the person who slashed the USAID budget," adding that he "threw it into the woodchipper."
During an interview with the Financial Times, Gates mocked Musk for his apparent mix-up between Gaza Province in Mozambique and Gaza in the Middle East, which occurred when the Trump administration was targeting certain programs.
"The image of the planet’s wealthiest individual extinguishing the lives of its most destitute children is far from appealing," Gates stated during an interview with the Financial Times when referring to Musk.
