Today, Bill Gates announced his plans to donate 99% of his remaining tech fortune to the Gates Foundation, which is set to close in 2045.
The total of the donation is worth an estimated $107 billion and is the second largest philanthropic gift ever made, behind Berkshire Hathaway’s Warren Buffett’s $160 billion fortune pledge.
In an interview with the Associated Press, Gates stated, “I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone.”
“It’s kind of thrilling to have that much to be able to put into these causes,” Gates said, “The foundation work has been way more impactful than I expected.”
The Gates Foundation CEO Mark Suzman said that during the next two decades, his team will focus on narrowing its field to include only top priorities. “Having that time horizon and the resources just puts an even greater burden on us to say, ‘Are you actually putting your resources, your thumb down, on what are going to be the biggest, most successful bets rather than scattering it too thinly?’”
Gates’ contribution will be distributed gradually, enabling the foundation to allocate an extra $200 billion over the next two decades.
By CEO NA Editorial Staff
