Bill Gates, Microsoft’s cofounder, declared on Thursday a faster schedule for donating his wealth, emphasizing how artificial intelligence could be transformative in enhancing global public health and saving lives worldwide.
According to a revised schedule, the Gates Foundation intends to allocate over $200 billion over the coming two decades, with operations ceasing in 2045. Initially, the foundation was slated to conclude activities 20 years following Bill Gates’ passing.
The statement was made as Gates targeted another wealthy technology tycoon, Elon Musk.
The CEO of Tesla implemented severe reductions in funding for the US Agency for International Development since Musk did not attend a social gathering that particular weekend, according to Gates’ comments to The New York Times, which seemed like a criticism of Musk’s personal life.
On the Forbes “real-time” billionaires list, Gates ranks at number 13, boasting a fortune of $112.6 billion. In contrast, Musk leads with a net worth of $383.2 billion.
At 69 years old, Gates shared a graph illustrating his wealth dropping by 99 percent within two decades in a blog post detailing this transition. He mentioned accelerating the rate of charitable contributions twofold.
Gates penned that people would speak many thoughts about him after his passing, yet he was resolved ‘he passed away wealthy’ wouldn’t be among them.
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; Melinda French Gates left 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 recognized for its pivotal role in transforming the landscape of international public health.
The list includes five offices across Africa along with sites in the United States, Europe, China, India, and the Middle East.
Gates pointed out advancements in healthcare initiatives such as programs aimed at eradicating polio and the development of a novel rotavirus vaccine. This vaccine has contributed significantly, lowering child mortality rates due to diarrhea by 75 percent annually.
Apart from the Gates Foundation, the former Microsoft CEO stated his intention to keep providing financial support for programs aimed at increasing access to inexpensive energy and advancing cutting-edge research into Alzheimer’s disease.
Not a ‘forever’ foundation
In the blog post, Gates acknowledged the influence of 19th-century American steel tycoon Andrew Carnegie’s works, with his foundation remaining operational to this day.
However, Gates informed The New York Times that he did not intend to establish a “permanent” foundation driven by some sort of unusual legacy, opting instead to continue disbursing billions to leverage new technological advancements.
“They are incredibly remarkable,” he stated regarding the possibilities of AI in global health.
“Entire intelligence will reside within the AI, providing each individual with 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.
“The continuity with which the wealthiest nations will advocate for their least fortunate counterparts remains uncertain. However, one certainty stands: within every endeavor, the Gates Foundation pledges to back initiatives aimed at assisting individuals and nations in lifting themselves from poverty,” he penned.
The moves have included the assault on USAID by Musk’s “Department of Government Efficiency” in Donald Trump’s presidential administration.
Gates described the reductions as “stunning,” much harsher than anticipated.
Gates informed the New York Times that Musk was “the person who slashed the USAID budget,” adding that “he completely destroyed it.”
During an interview with the Financial Times, Gates mocked Musk for his apparent mix-up 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 perorangan extinguishing the lives of its most destitute children is far from appealing,” Gates stated in an interview with the Financial Times when referring to Musk.