First Business News Portal in English from Nepal
KATHMANDU: In a bid to slide off the list of world’s richest people, Bill Gates gave away shares worth over $6 billion to his charitable foundation this week.
According to a report in businessinsider.in, Gates donated his shares worth around $5.2 billion in Canadian National Railway Co to the Bill & Melinda Gates Foundation. Just last week on Thursday, the billionaire had also donated $995 million worth of shares to his non-profit organisation.
The Microsoft co-founder is still worth $112 billion and is the fifth richest person in the world, according to Bloomberg, followed by Elon Musk, Jeff Bezos, Bernard Arnault and Adani.
The 66-year-old going on a “donation-spree” doesn’t come much as a shock as the philanthropist had already hinted to his fans about what’s next. Last week, Gates on Twitter had pledged to give away “virtually all” of his wealth to the charitable foundation in the future and eventually be off the list of the world’s richest people.
“With the support and guidance of our board, we plan to increase our spending from nearly $6 billion per year today to $9 billion per year by 2026. To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month,” the businessman said in a tweet thread on July 13.
“As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people,” Gates added.
He further expressed that he had an “obligation to return” his resources to society in ways that have the greatest impact for reducing suffering and improving lives. “And I hope others in positions of great wealth and privilege will step up in this moment too,” the Microsoft co-founder added as he urged others millionaires and billionaires to contribute as well.
The Gates foundation was started by Gates and now ex-wife Melinda French in 2000. However, the foundation had informed last year that Melinda could step down as co-chair in a year if she and Gates no longer work together.
If Melinda resigns, she would receive personal resources from her former husband for her philanthropic work, which would be completely separate from the foundation’s endowment. The businessman will then assume the full stewardship of the Gates foundation, which the couple had often referred to as their “fourth child” Businessinsider
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