Bill Gates Announces He Will Give ‘Virtually All’ His Wealth to His Foundation

Contact Your Elected Officials
The Epoch Times Header

Billionaire Microsoft co-founder Bill Gates said Wednesday that he plans to give his wealth to his foundation.

In a Twitter thread that doesn’t allow replies, Gates announced he was transferring $20 billion to the Bill and Melinda Gates Foundation’s endowment this month and will increase spending to $9 billion per year by 2026.

“As I look to the future, I plan to give virtually all of my wealth to the foundation,” Gates wrote. “I will move down and eventually off of the list of the world’s richest people.”

Gates is currently the fourth-richest person on earth and has a net worth of about $129 billion, according to Forbes magazine. Gates has also been characterized as the largest private owner of farmland in the United States, owning over 260,000 acres of land.

“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives,” Gates added on Twitter. “And I hope others in positions of great wealth and privilege will step up in this moment too.”

According to FoundationSource, private foundations such as the Bill and Melinda Gates Foundation are classified as tax-exempt 501(c)(3) organizations by the Internal Revenue Service. They are not subject to either federal or state estate taxes.

“Being self-funded is an advantage, enabling foundations to avoid the IRS tests that are required of public charities. Although not prohibited from doing so, private foundations do not typically engage in fundraising,” the website says.

Bill Gates, Melinda French Gates, and Warren Buffett founded the Giving Pledge about 12 years ago, asking wealthy individuals to commit to donating more than half their fortunes to various causes. In his Twitter thread, Gates also thanked Buffett—also one of the richest people in the world—for donating to the Bill and Melinda Gates Foundation in recent years.

By Jack Phillips

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

The Choices We Make

Death and disagreement are inevitable. Love and hate are choices. We will all die. Before we do, what choices will we make?

Elon Musk Speaks at Unite the Kingdom Rally

Tommy Robinson held rally, with Elon Musk appearing virtually, calling attention to leftist politicians who allow foreign immigrants to invade England.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

A Widow Inspires The World

Erika Kirk moved the nation with her speech two days after her husband’s assassination, vowing to continue his mission and grow Turning Point USA.

Parents Sue Character.AI for Allegedly Leading Kids to Sexual Abuse, Suicidal Behavior

Parents allege in three lawsuits that Character.AI’s chatbots sexually abused their children and drove them toward suicidal thoughts and behavior.

Tyler Robinson Makes First Appearance in Court, Faces Capital Murder Charge in Charlie Kirk Assassination

Tyler Robinson remained motionless throughout his first court appearance on capital murder and other charges after the shooting death of Charlie Kirk.

Trump to Appeal Ruling Allowing Fed Governor Lisa Cook to Keep Her Job

The Trump admin will appeal a three-judge panel’s ruling that prevents the president from firing Federal Reserve Governor Lisa Cook.

Charlie Kirk’s Alleged Murderer Confessed Shortly After Shooting, Messages Show

The man accused of murdering conservative influencer Charlie Kirk confessed to the killing in text messages, authorities said on Sept. 16.

Rubio Says US Visa Revocations Underway After Charlie Kirk Death Celebrations

SoS Marco Rubio said foreign nationals who made celebratory comments over Charlie Kirk’s assassination will have their U.S. visas revoked.

Trump Supports Designating Antifa a Terrorist Organization

President Trump said he would support designating the antifa movement a terrorist organization in the wake of Charlie Kirk’s assassination last week.

US Conducts Strike on Another Drug Boat From Venezuela: Trump

Three people were killed in a U.S. strike on a Venezuelan drug boat, President Donald Trump announced on Sept. 15.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.
spot_img

Related Articles

Popular Categories

MAGA Business Central