Bill Gates experienced a dramatic $51 billion decline in his net worth within a short span, following his announcement to accelerate the pace at which he will donate his wealth.
Once valued at an impressive $175 billion as of July 3, the Microsoft co-founder’s net worth fell to $124 billion by Thursday, as reflected by the Bloomberg Billionaire Index adjustments.
This readjustment was made after Gates revealed his intention to give away nearly all of his remaining fortune over the next 20 years, speeding up his previous schedule.
In a May 8 blog post, the well-off tech mogul revealed the money will go to the Gates Foundation, the charitable organization he co-founded with ex-wife Melinda French Gates, 60.
The foundation is reportedly set to wind down operations by the end of 2045.
Once hailed as the richest man in the world for nearly 18 years, Gates saw his fortune decline sharply following his post, as the Bloomberg Index adjusted its methodology to better account for the 69-year-old’s substantial charitable giving.
Bloomberg noted that appreciation rates had been lowered to ‘better reflect Gates’ outside charitable giving and the wealth estimate’, Fortune reports.
The organization currently puts his net worth at $123 billion and notes that his generosity means he has been overtaken on the rich list by his former right-hand man at Microsoft, Steve Ballmer.
Bill Gates’, 69,net worth has taken a dramatic hit – dropping by a staggering $51 billion in just days
Gates will donate nearly all of his remaining fortune over the next two decades to the Gates Foundation, the charitable organization he co-founded with ex-wife Melinda French Gates. Pictured: Melinda French Gates, Bill Gates and their three children, Phoebe, Jennifer and Rory
Gates’ philanthropic focus is consistent with a long-standing, personal mission to give away his wealth.
‘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 wrote.
‘There are too many urgent problems to solve for me to hold onto resources that could be used to help people.’
He has publicly stated for years that his children will inherit ‘less than 1%’ of his fortune, and now, that mission is being reflected in the numbers.
Gates, who co-founded Microsoft in 1975, topped global wealth rankings for 13 consecutive years from 1995 to 2007.
He reclaimed the top spot in 2014, holding it until 2018 when Amazon founder Jeff Bezos surpassed him, according to the Forbes Billionaires List.
Following the latest adjustment, Gates dropped from 5th to 12th place on Bloomberg’s list, just below fellow tech titan Michael Dell.
His longtime friend and former Microsoft CEO Ballmer, also 69, now claims the 5th spot.
Steve Ballmer is a longtime Microsoft executive and close associate of cofounder Bill Gates. He joined the company in 1980 as its 30th employee, leaving Stanford’s MBA program to do so.
Gates’ longtime friend and former Microsoft CEO Steve Ballmer (pictured), also 69, now claims the 5th spot
As of July 12, the richest man in the world is Tesla and SpaceX CEO Elon Musk. Behind him sits Meta CEO Mark Zuckerberg, Oracle CEO Larry Ellison, Bezos and Ballmer
Initially hired as a business manager, Ballmer was offered a $50,000 salary and 10 percent of any profit growth he generated – an arrangement that quickly became too costly for the rapidly growing company.
Later, in a renegotiated deal, Ballmer swapped his profit-sharing for an 8 percent equity stake, and although Microsoft cofounder Paul Allen objected, Gates personally gave up part of his own stake to finalize the agreement.
That decision ultimately laid the foundation for Ballmer’s immense wealth, making him one of the richest people in the world.
Following in Gates’ philanthropic footsteps, Ballmer has shown a strong commitment to giving back, donating over $4 billion of his wealth to date and founding the Ballmer Group – a philanthropic organization dedicated to improving economic mobility for families across the United States, Fortune reported.
As of July 12, the richest man in the world is Tesla and SpaceX CEO Elon Musk.
Behind him sits Meta CEO Mark Zuckerberg, Oracle CEO Larry Ellison, Bezos and Ballmer.
Gate’s jaw-dropping wealth decline comes as iconic actress Michelle Pfeiffer launched a shocking attack on the billionaire suggesting he’s going to contaminate America’s food supply.
Michelle Pfeiffer warned her fans about the FDA ‘s approval of Apeel, a Gates-backed coating meant to extend the shelf life of produce
The company received early developmental support from the Bill & Melinda Gates Foundation in 2012 and again in 2015. However, the Gates have currently no involvement in Apeel
Despite Pfeiffer’s comments, Apeel claims on its website that their coatings can be washed by rinsing the produce with water and scrubbing it
In an extraordinarily rare move for the low-key actress, Pfeiffer took to Instagram on Thursday to express concern over the FDA’s approval of Apeel, a Gates-backed food coating meant to extend the shelf life of produce.
‘Apeel (an edible, plant-based coating designed to extend the shelf life of fresh fruits and vegetables) was just approved and now “organic” produce is coated in something we cannot see or wash off,’ Pfeiffer wrote.
‘Very concerning.’
The Scarface star, 67, wrote the message as she shared a video that claimed ‘organic produce is no longer safe’ after ‘Bill Gates’ Apeel just approved for USDA-certified organic.’
Apeel has long been mired in controversy over its ingredients and association with Gates.
The company was founded in 2012 by entrepreneur James Rogers with the help of a $100,000 grant from the Bill & Melinda Gates Foundation.
The Gates’ are not currently involved in Apeel, which has received substantial backing from venture capitalist Andreessen Horowitz.
