Bill Gates to donate $200 (£151) billion, criticizes Musk's aid cuts
Billionaire Bill Gates announced on Thursday that he will donate approximately 200 billion dollars (151 billion pounds), nearly his entire fortune, to those in need. He aims to accelerate the donation process compared to his original plans and complete it by 2045.
Gates shared his vision in a statement marking the 25th anniversary of the foundation he established with his then-wife Melinda in 2000. Over time, another billionaire, Warren Buffett, joined their efforts.
On Thursday, Bill Gates committed to donating 161 billion pounds through his charitable foundation by 2045. In an interview with "The New York Times," he criticised Elon Musk, accusing the world's richest person of "killing the world's poorest children" by significantly reducing the U.S. foreign aid budget - reports Reuters.
"The picture of the world’s richest man killing the world’s poorest children is not a pretty one," Gates stated.
The 69-year-old billionaire, co-founder of Microsoft, said he is hastening his plans to dispose of nearly his entire fortune and will close the foundation on 31st December 2045, earlier than he initially intended. Gates hopes the money will help eradicate diseases like polio and malaria, end preventable deaths among women and children, and reduce global poverty.
Doesn't want to die rich
"There are too many urgent problems to solve," he emphasised. He illustrated how the value of his wealth will diminish by 99%. "People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them" - Gates said.
The Microsoft co-founder referred to the significant reduction in humanitarian aid funding by Western governments. The United States, which provided the largest share of humanitarian aid, has drastically reduced funding for USAID, the agency responsible for delivering it.
Elon Musk, currently the world's richest person, whose wealth is estimated by Bloomberg at 328 billion dollars (247.5 billion pounds), is seen as the face of budget cuts in American institutions. For comparison, Gates is fifth in the same Bloomberg ranking with a fortune estimated at 168 billion dollars (127 billion pounds). Bill Gates noted that among the countries reducing support for aid organisations are also France and the United Kingdom.
He explained that his foundation will spend about 200 billion dollars (150 billion pounds) before the end of 2045, but mentioned that this amount may change depending on market conditions and inflation.
Reuters highlighted the significant role the Gates Foundation already plays in providing aid in places where it is most needed. By 2026, the foundation's budget will be seven billion pounds. Due to the influence of the Gates Foundation, many institutions, including the World Health Organization, have criticised the billionaire and his initiative for having too extensive influence.
