Bill Gates, Microsoft’s cofounder, declared on Thursday a sped-up schedule for donating his wealth, emphasizing how AI could be transformative in enhancing global public health and saving lives worldwide.
According to a revised schedule, the Gates Foundation intends to distribute over $200 billion over the coming two decades, ceasing operations in 2045. Initially, the foundation was slated to wind down twenty years following Bill Gates’ passing.
The announcement was made as Gates targeted another tech mogul, Elon Musk, who is also a billionaire.
The CEO of Tesla enforced severe reductions at the US Agency for International Development due to Musk not attending a party that weekend, according to Gates’ comments to The New York Times, which seemed like a critique of Musk’s personal life.
Bill Gates ranks at number 13 on the Forbes “real-time” billionaires list, boasting a fortune of $112.6 billion. Elon Musk leads the pack with a net worth of $383.2 billion.
At 69 years old, Gates shared a graph illustrating his wealth dropping by 99 percent over the coming two decades in a blog post detailing this transition. He mentioned accelerating the rate of donations twofold.
“People will have many things to say about me after my death, but I am resolved that ‘he passed away wealthy’ shall not be among them,” Gates penned.
In the year 2000, when Bill Gates relinquished his role as CEO at Microsoft, he also co-founded the Bill and Melinda Gates Foundation with his wife. Fast forward to 2024, where Melinda French Gates departed from the organization three years following her separation from Bill Gates.
By the close of 2023, this entity boasted over $71 billion in assets and has been acknowledged for transforming the landscape of international public health.
The list includes five offices across Africa, along with branches in the United States, Europe, China, India, and the Middle East.
Gates highlighted advancements in healthcare initiatives such as the drive to eliminate polio and the development of a novel rotavirus vaccine. This breakthrough has contributed to reducing child mortality rates due to diarrhea by 75 percent annually.
Apart from the Gates Foundation, the former Microsoft head stated his intention to keep providing financial support for projects aimed at increasing access to affordable energy and advancing cutting-edge research into Alzheimer’s disease.
– Not a ‘lifetime’ base
In his blog post, Gates acknowledged the influence of the 19th-century American steel tycoon Andrew Carnegie, noting that Carnegie’s foundation continues to operate today.
However, Gates informed The New York Times that he had no intention of establishing a “permanent” foundation driven by some “odd legacy,” opting instead to continue disbursing billions to leverage new technological advancements.
“The tools are incredibly remarkable,” he stated regarding the possibilities of AI in global health.
“All the expertise will reside within the AI, giving each individual access to a personal physician as competent as one employed full-time—this service could even surpass what wealthy nations offer,” Gates stated to the New York Times.
Although private foundations have significant capabilities, Gates emphasized the indispensable nature of governmental involvement, lamenting substantial budget reductions implemented by the United States, Britain, France, and various other nations.
“It remains uncertain if the wealthiest nations will keep advocating for their most underprivileged citizens. However, one certainty exists: within all our endeavors, the Gates Foundation will back initiatives aimed at assisting individuals and nations in lifting themselves from poverty,” he penned.
The actions have encompassed the attack on USAID by Musk’s “Department of Government Efficiency” during Donald Trump’s presidency.
Gates described the reductions as “shocking,” much deeper than anticipated.
Gates informed the New York Times that Musk “was the one who reduced the USAID budget,” adding that “he essentially shredded it.”
During an interview with the Financial Times, Gates mocked Musk for his apparent misunderstanding of the distinction between Gaza Province in Mozambique and Gaza in the Middle East, which occurred when the Trump administration was targeting certain programs.
“The image of the planet’s wealthiest individual extinguishing the lives of those from the most impoverished backgrounds is far from appealing,” Gates stated during an interview with the Financial Times when referring to Musk.
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