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.

Hamas’s Stubborn Grip on Arms Signals No Desire for Genuine Peace

Hamas’s rhetoric reflects its founding ideology, prioritizing armed resistance over civilian welfare or diplomatic progress.

Off the radar

In the longstanding and brutal ledger of religious persecution, Nigeria now occupies its own grim chapter with its enduring pogrom against Christians.

The New Jackboots? A Wake-Up Call on Antifa and Fascism

An analysis of whether Antifa truly opposes fascism by comparing its tactics and behavior to historical signs and movements of fascist regimes.

If Federal Food Assistance Programs End, Theft Begins

Many patriotic Americans well versed in American History have...

Tucker EN FUEGO: Taking Stock of MAGA, Ten Years on

Draining of the Swamp has yet to come anything close to fruition, as the creatures that populate said Swamp yet cling bitterly to power.

Dallas Doctor Surrenders License After Texas AG Sues for Prescribing Gender Transition Drugs to Minors

Doctor surrendered her medical license following lawsuit by Texas AG Paxton, accusing her of illegally prescribing gender transition drugs to minors.

June Lockhart, Beloved Mother Figure From ‘Lassie’ and ‘Lost in Space,’ Dies at 100

June Lockhart, a mother figure for a generation of TV viewers whether at home in “Lassie” or in the stratosphere in “Lost in Space,” has died at 100.

Kamala Harris Teases New White House Run: ‘I Am Not Done’

Kamala Harris hinted in a BBC interview that she may run for president again in 2028, saying she hasn’t ruled out another White House bid.

TCM Classic Tour at Warner Bros. Studio: Finding Stardust in Today’s Hollywood

Warner Bros. launched the TCM Classic Films Tour in April 2024, offering visitors a nostalgic journey through the studio’s historic movie legacy.

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.
spot_img

Related Articles

Popular Categories

MAGA Business Central