why does bill gates donate to charity
, the worldБs richest man, has donated $4. 6bn (бе3. 6bn) in the Microsoft founderБs biggest gift to charity since he set up the Bill Melinda Gates Foundation. Gates donated 64m Microsoft shares according to. The recipient of the gift was not specified but it is expected that the money will be directed to the foundation he and his wife set up in 2000 with $5bn funding to improve global healthcare and reduce extreme poverty. The foundation did not respond to requests for comment. The shares donated represent about 5% of his current $90bn fortune. The gift reduces GatesБs stake in Microsoft, which the 61-year-old co-founded in 1975, to just 1. 3% from 24% in 1996. Bill and Melinda Gates have donated $35bn since 1994. They donated $16bn worth of Microsoft shares in 1999 and followed it up with another $5. 1bn a year later. The Gates Foundation has grown to become the worldБs largest private charity with $40. 3bn of funds, before the latest gift. This latest donation is the biggest charitable gift made anywhere in the world so far this year, overtaking a $3. 2bn contribution by investor Warren Buffett to the Gates foundation last month.
In 2010 the Gates and Warren Buffett created the, a promise to give at least half of their wealth to charity, and called on other billionaires to join them. More than 170 of the worldБs richest people, including Mark Zuckerberg, Michael Bloomberg and George Lucas, have so far signed up. Gates said the pledge was Бabout building on a wonderful tradition of philanthropy that will ultimately help the world become a much better placeБ. Last year the billionaire told ITVБs This Morning that it was Бnot a favourБ to give his three children huge sums. БIt distorts anything they might do, creating their own path. БThis money is dedicated to helping the poorest. They know that, they are proud of that, they go on trips with us to see the work thatБs being done. Б
Gates has been the richest man on the planet since 2013 Б apart from a very brief blip last month when AmazonБs Jeff Bezos overtook him for a couple of hours as the technology companyБs shares spiked before falling back.
Bezos, who founded Amazon in 1994, is worth $84. 3bn and has seen his fortune increase by $18. 9bn so far this year according to the Bloomberg Billionaires index. Bezos, who has used his wealth to invest in space travel and to buy the Washington Post, has not signed up to the Giving Pledge. Bezos has said that in matters of philanthropy he is drawn to the Бright nowБ, rather than the long-term, approach. Billionaire businessman just made good on his reputation as a one of the most generous philanthropists. Gates, the world s richest man, donated $4. 6 billion worth of shares in Corp in June making this his largest donation in 17 years. Gates donated 64 million shares earlier this summer, according to a released Monday and first shared by. The shares account for 5% of Gates s fortune, and the donation reduced Gates s stake in Microsoft stock to 1. 3%.
It is unclear who the recipient of the gift is, but it s likely it will go to the. Gates recent donation brings his total number of gifts to charitable donations to $50 billion, according to. His last gift of this size came in 2000 when he gave away $5. 1 billion worth of Microsoft shares in 2000. Just a year prior, he gave away $16 billion worth in shares. With fellow billionaire Warren Buffett, Gates is leading the charge to encourage the to donate the majority of their wealth to charity. , founded in 2010 by Gates, Melinda Gates and Buffett, has been signed by more than 170 people, including Mark Zuckerberg, Michael Bloomberg and George Lucas, from around the world. Gates has consistently held the title of the world s richest person, and, according to Forbes, currently has a net worth of around $89 billion. Gates passed on the title to Amazon s briefly last month.
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