Bill Gates to donate $200 billion by 2045; blasts Elon Musk saying he’s ‘killing world’s poorest children’
Microsoft co-founder Bill Gates has announced a new, faster timeline for giving away his vast fortune, highlighting artificial intelligence (AI) as a powerful tool to transform global health and save lives.In a major shift, the Bill and Melinda Gates Foundation will now spend over $200 billion in the next 20 years and shut down operations by 2045—well ahead of the previous plan to wind down 20 years after Gates’ death.The announcement included criticism of fellow tech billionaire Elon Musk. Gates told the New York Times that Musk’s severe cuts to the US Agency for International Development were linked to a missed social engagement, appearing to criticise Musk’s conduct.“People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” Gates wrote, sharing a chart predicting his net worth will drop by 99% over the next two decades, reflecting a doubling of his philanthropic pace.Citing inspiration from 19th-century philanthropist Andrew Carnegie, Gates clarified he does not want to create a foundation that lasts forever. Gates expressed preference for swift distribution of billions rather than establishing a permanent foundation, citing emerging technologies’ potential. Whilst acknowledging private foundations’ impact, Gates stressed governmental roles’ importance, lamenting significant budget reductions by various wealthy nations.“It’s unclear whether the world’s richest countries will continue to stand up for its poorest people. But the one thing we can guarantee is that, in all of our work, the Gates Foundation will support efforts to help people and countries pull themselves out of poverty,” he wrote.These changes included Musk’s “Department of Government Efficiency” severely cutting USAID during Trump’s presidency.Gates described these reductions as “stunning” and more extensive than anticipated. Musk is “the one who cut the USAID budget,” Gates told the New York Times. “He put it in the wood chipper,” he added.In an interview with the Financial Times, Bill Gates mocked Elon Musk for confusing Gaza Province in Mozambique with Gaza in the Middle East while justifying aid cuts under the Trump administration.Criticising Musk’s role in slashing global health funding, Gates said, “The picture of the world’s richest man killing the world’s poorest children is not a pretty one.”Gates, 69, is currently ranked 13th on Forbes’ real-time billionaire list with a net worth of $112.6 billion. Musk tops the list with $383.2 billion.The Bill and Melinda Gates Foundation began operations in 2000, coinciding with Bill Gates’ stepping down as Microsoft CEO. The organisation, holding assets exceeding $71 billion at 2023’s end, has significantly influenced global public health. It maintains five African offices, plus locations across the United States, Europe, China, India and the Middle East.
