The world’s fourth-richest billionaire said: “I hope, by giving more, we can help people reduce the difficulties they are facing and help the foundation realize its vision of giving everyone opportunistic people to lead healthy and productive lives.”
He added: “In the future, I plan to give almost all of the money I have to charity. I will gradually leave the list of the richest billionaires in the world.”
The new goal of the billionaire Bill Gates family’s charity is to disburse $9 billion a year and is expected to be completed in 2026. The amount is double the current goal. According to the new announcement, the Microsoft co-founder’s latest donation has brought the fund’s total assets to about $70 billion. After the controversial divorce last year, both Bill and Melinda pledged to donate $15 billion to this charity.
“Since that time, the two co-chairs have made significant contributions to fulfilling the commitment,” said Kate Davidson, a spokesperson for the Gates Foundation. However, she did not specify how much the two people donated.
In their announcement last year, Bill and Melinda also said that Melinda may no longer serve as co-chair and will delegate to someone else if the two are unable to work together. If she leaves, Melinda will receive a sum from Bill to fund her own charity. Melinda also owns a charitable foundation called Pivotal Ventures.
Until now, Bill has transferred billions of dollars of stock in the companies in which he holds shares to Melinda. According to the Bloomberg Billionaires Index, Bill Gates is currently worth $113.7 billion, while Melinda is worth $10.3 billion.
Davidson said Melinda currently has no plans to leave the charity. She added: “Bill and Melinda remain committed to continuing to work together to advance the fund’s goals and policies.”
In a pledge after the two billionaires went their separate ways, the Gates Foundation expanded its board of directors with four new members, adding a CEO, a Zimbabwean billionaire, a nonprofit consultant, and one more. baron. Previously, the organization’s board consisted of a small group of friends and family. Board members include Bill’s father, who passed away in 2020, and Warren Buffett, who donated $35 billion to the foundation, but resigned shortly after Bil and Melinda split.
The Gates Foundation has long been a powerhouse in the nonprofit world, with nearly 1,800 employees and nearly $80 billion in spending since 2000. In 2019, the foundation was taken over by Fidelity Charitable, a privately funded fund. (DAFs), “surpassed” and became the largest charitable foundation in the United States. At the time, both foundations spent nearly $5 billion in donations each year.
However, even if it reaches its $9 billion annual spending goal, the Gates Foundation may still fall behind Fidelity, as it is benefiting from the trend toward using DAF funds. In 2021, Fidelity has distributed more than $10 billion to charity.
Source: CafeF
Source: Vietnam Insider