Bill Gates donates $20 billion to Bill and Melinda Gates Foundation

Bill Gates, co-founder of Microsoft and Chair of the Gates Foundation, walks to a morning session through the Allen & Company Sun Valley Conference on July 08, 2022 in Sun Valley, Idaho.

Kevin Dietsch | Getty Images

Bill Gates introduced Wednesday he is donating $20 billion to the Bill & Melinda Gates Foundation this month because the company plans to ramp up its spending.

“Several huge global setbacks over the past few years have left many people discouraged and wondering whether the world is destined to get worse,” the Microsoft co-founder, who’s the world’s fourth richest individual, stated in a tweet.

Gates pointed towards the continuing Covid-19 pandemic, setbacks in gender equality and ladies’s well being, local weather change and Russia’s struggle on Ukraine, as among the main points at the moment going through the world.

“I hope by giving more, we can mitigate some of the suffering people are facing right now and help fulfill the foundation’s vision to give every person the chance to live a healthy and productive life,” Gates stated in a press release saying the pledge.

The basis now plans to improve its annual spending to $9 billion by 2026, which marks a 50% improve over pre-pandemic ranges. The donation brings the inspiration’s endowment to about $70 billion, it stated in a launch.

Since its launch in 2000, the Bill & Melinda Gates Foundation has served as one of many world’s wealthiest philanthropic organizations. Gates stepped down from his day-to-day position at Microsoft in 2008 so as to spend extra time on the nonprofit.

Bill and Melinda Gates, shortly after saying their cut up, pledged $15 billion to the group final July.

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