As major U.S. foreign assistance faces significant reductions, multimillionaire Bill Gates announced plans to contribute the majority of his fortune to address pressing issues. Additionally, he criticized Tesla CEO Elon Musk for his part in terminating essential aid initiatives.
In an interview with
The New York Times
earlier this week, Microsoft co-founder and philanthropist Bill Gates called
harsh cuts
To the U.S. development aid organization USAID, this was described as “astonishing.”
Gates predicted the cuts, led by tech billionaire Elon Musk, would likely lead to an increase of childhood deaths in poor countries “from 5 million to 6 million” in the next few years, rather than what should have been a reduction from 5 million to 4 million.
It remains to be seen whether Musk will indeed become a significant philanthropist, as he once promised, according to Gates. He added, “For now, with the world’s wealthiest individual having played a role in policies leading to the deaths of some of the globe’s most vulnerable children, namely through his involvement in substantial reductions to international assistance during former U.S. President Donald Trump’s second term.”
As a reply, Musk took to his social media platform X to defend himself, stating: “Gates is a major liar.”
‘Too many urgent problems’
The New York Times
interview coincided with the announcement this week by the Gates Foundation that it would give away the multibillionaire’s fortune much more quickly than previously planned.
“Given the multitude of pressing issues that require attention, I believe it’s essential to allocate resources toward aiding those in need,” Gates stated on the foundation’s situs web on Thursday, announcing his plan to distribute almost all of his wealth over the coming two decades with the aim of enhancing global well-being. His objectives include lowering child and maternal death rates, combating diseases like polio, malaria, and measles, and alleviating worldwide poverty.
On the 25th anniversary of the Gates Foundation, an announcement was made. Founded by Bill Gates and his former wife Melinda, this organization stands as the biggest privately-held foundation globally. To date, it has contributed over $100 billion (€88.9 billion) towards alleviating global poverty and diseases. Moving forward, the foundation aims to increase its contributions twofold up to $200 billion (€178 billion) by 2045, at which point it intends to cease operations.
What is the source of Gates’ fortune?
For numerous years, Bill Gates held the position of being the wealthiest individual worldwide. Despite being surpassed by technology tycoons like Jeff Bezos, Mark Zuckerberg, and Elon Musk, he continues to hold the 13th spot globally according to the most recent rankings.
Forbes
a list of ultra-wealthy individuals, boasting an estimated wealth of $108 billion (€96 billion).
His riches come from being one of the founders of the major tech corporation Microsoft. When the company went public through an initial stock offering in 1986, Gates became a multi-millionaire, and his net worth has kept growing over time. He has progressively spread out his investments and reduced his stake in Microsoft so much that it’s believed he currently holds under 1% ownership.
The entrepreneur from Seattle holds interests in several additional businesses via his holding firmCascade Investment, which includes shares in waste management companyRepublic Services, agricultural equipment makerDeere & Co, among others.
Beyond Meat
,a business that creates and manufactures meat alternatives from plants.
Gates is also the biggest individual holder of agricultural land in the U.S. In 2006, he established TerraPower with the aim of creating nuclear reactors that are both safer and more efficient.
nuclear reactors
He has committed more than $1 billion (€889 million) to the firm, and a test facility in Wyoming is presently being built with plans to commence operations by 2030.
Many causes worldwide
In the year 2000, Gates along with his spouse at the time, Melinda, founded the Gates Foundation. This organization receives most of his vast fortune derived from profits. The foundation supports numerous initiatives; among them are projects aimed at fostering agricultural development assistance, even if these efforts do not always yield successful outcomes.
In Africa, for example, it has invested almost $1 billion (€889 million) in a acara aimed at doubling agricultural yields with the help of chemical fertilizers and hybrid seeds. The goal was to cut hunger and poverty by half in 13 African countries by 2020. But according to a study published in June 2020, the number of people going hungry in the priority countries has actually increased by 30%.
The Gates Foundation also runs educational projects in the US, with the primary aim of helping students from African American and Latin American families to graduate high school and college.
Additionally, the foundation promotes treatment and research in the fight against diseases such as HIV/AIDS, tuberculosis, polio and malaria. This commitment led Gates to warn of the dangers of a potential global pandemic years before COVID-19 hit. At a conference in Monterey, California, back in 2015, he said: “If anything kills over 10 million people in the next few decades, it’s most likely to be a highly infectious virus rather than a war — not missiles, but microbes.”
The reality that Gates accumulated his wealth through a software firm, actively participates in social issues, and strongly advocates for vaccinations has led to him becoming the focus of various conspiracy theories. However, Gates doesn’t dispute these claims; rather, he is committed to dedicating 99% of his present wealth to global humanitarian efforts.
“Many people will have plenty to say about me after my death, however, I’m resolved that ‘he passed away wealthy’ won’t be among those statements,” he posted on Thursday.
The original version of this article was in German.
Author: Thomas Latschan