Bill Gates says that he plans to donate most of his fortune to the Gates Foundation and will eventually fall from the ranks of the world's wealthiest people
Microsoft co-founder Bill Gates says that he plans to donate most of his vast fortune to the Bill & Melinda Gates Foundation, and that he will someday cease to be numbered among the world's wealthiest individuals.
"As I look to the future, my plan is to give all my wealth to the foundation other than what I spend on myself and my family. I do some giving and investing in U.S. health care issues, including Alzheimer’s, outside the foundation. Through Breakthrough Energy, I will continue to invest and give money to address climate change. Overall I expect that the work in these areas will make money, which will also go to the foundation. I will move down and eventually off of the list of the world’s richest people," Gates wrote in a Wednesday post on his Gates Notes blog website.
\u201cAs I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world\u2019s richest people.\u201d— Bill Gates (@Bill Gates) 1657724634
Gates announced that he is donating $20 billion to the foundation, which will be ramping up its spending to $9 billion per year by 2026. "To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month," he wrote.
Gates also noted that Warren Buffett has donated massive sums of wealth to the foundation over the years.
"Although it is named the Bill & Melinda Gates Foundation, basically half of our resources to date have come from Warren Buffett’s gifts," Gates wrote. "Since 2006, Warren has gifted the foundation $35.7 billion, including his most recent gift of $3.1 billion in June. The actual value of these gifts is about $45 billion if you include the appreciation of the Berkshire Hathaway stock after it was given."
Last month when the U.S. Supreme Court issued a ruling that struck down Roe v. Wade, Gates decried the decision.
"This is a sad day. Reversing Roe v. Wade is an unjust and unacceptable setback. And it puts women’s lives at risk, especially the most disadvantaged," he tweeted.
In his post on Wednesday, Gates wrote, "I believe the reversal of abortion rights in the U.S. is a huge setback for gender equality, for women’s health, and for overall human progress. The potential for even further regression is scary. It will put lives at risk for women, people of color, and anyone living on the margins."
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Oprah and The Rock are facing MAJOR BACKLASH over THIS
Never mind the fact that Oprah is worth $2.5 billion and Dwayne "The Rock" Johnson $800 million. That’s irrelevant information.
What is important, however, is what these two celebs want YOU to do with YOUR money.
Oprah and The Rock have committed to donating $10 million to aid the people of Maui, but according to circulating rumors on social media, they’re not doing the actual donating themselves. They set up a charity called the People’s Fund of Maui so that other people — not mega-rich people like themselves — can donate their money.
That’s where the $10 million will be coming from. Or at least that’s what the rumors are saying.
“So they're not giving their money,” says Keith Malinek to Pat Gray and Jeff Fisher. “They’re committing other people’s money.”
Similarly, one social media user said in a humorous video, “So you’ve committed other people’s money to your own charity you just set up?”
But Jeffy thinks the rumors are just that and that Oprah and The Rock have already donated $10 million from their pockets and the charity is just where others can continue to make that number grow.
Pat plays the clip of Oprah and The Rock explaining their charity.
“We have created the People’s Fund of Maui that will put money directly in the hands of the people who need it right now,” said Oprah. “We appreciate any support that you can give.”
“They did not ever say they donated $10 million,” says Pat, but Jeffy swears he heard them say it in another video.
Further, a quick Google search pulls up several results that suggest the duo did indeed kickstart their charity with $10 million of their own money.
While we certainly hope this is true, the rumors on social media are still running rampant.
But even if we give Oprah the benefit of the doubt and assume she donated the full $10 million herself, that’s only 0.4% of her net worth. It’s easy to see where the backlash is coming from when you do the math.
When $10 million is chump change to you but the people you’re asking to donate are living paycheck to paycheck, people aren’t going to take kindly to that.
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