Bill Gates pledges to give away $200 billion

Bill Gates pledges to give away $200 billion

Microsoft co-founder Bill Gates has announced plans to donate nearly his entire $108 billion fortune, totaling around $200 billion, through the Gates Foundation by 2045, accelerating his philanthropic efforts years ahead of schedule. The foundation will close its doors on December 31, 2045, marking a significant shift from its original plan to operate decades after Gates' lifetime.

In a recent interview with Reuters, the 69-year-old billionaire outlined his goals, which include eradicating diseases like polio and malaria, reducing preventable deaths among women and children, and alleviating global poverty. The announcement comes amid concerns over slashed international aid budgets, particularly under the Trump administration.

Gates sharply criticized Elon Musk, accusing the Tesla CEO and world’s richest man of harming the world’s poorest by overseeing massive cuts to the U.S. Agency for International Development (USAID) through his Department of Government Efficiency (DOGE). With 80% of USAID programs targeted for reduction—down from $44 billion in fiscal 2023—Gates warned of a potential reversal in global health progress, predicting millions of additional deaths due to resource shortages.

Musk, who has clashed with Gates in the past, dismissed the accusations on X, calling Gates a "huge liar." The two billionaires, once aligned on the role of wealth in philanthropy, have diverged sharply, with Gates emphasizing government collaboration as essential to his mission.

The Gates Foundation, which has already disbursed over $100 billion since 2000, will increase its annual budget to $9 billion by 2026 and up to $10 billion thereafter. Gates expressed hope that his accelerated giving will inspire other wealthy individuals, though he acknowledged the limits of private philanthropy in replacing government funding.