Bill Gates' net worth plummets $51BILLION in ONE WEEK after a single decision
Bill Gates' net worth plummeted by a staggering $51 billion in just days after he revealed his plans to give away his fortune at a much faster rate than previously planned.The Microsoft co-founder announced he will donate nearly all of his remaining fortune over the next two decades.In a May 8 blog post, Gates revealed the money will go to the Gates Foundation, the charitable organization he co-founded with ex-wife Melinda French Gates, 60.The foundation is reportedly set to wind down operations by the end of 2045.Once hailed as the richest man in the world for nearly 18 years, Gates saw his fortune decline sharply after his post as the Bloomberg Index adjusted its methodology to better account for the 69-year-old tech mogul's substantial charitable giving.Bloomberg noted that appreciation rates had been lowered to 'better reflect Gates' outside charitable giving and the wealth estimate', Fortune reports.The organization currently puts his net worth at $123 billion and notes that his generosity means he has been overtaken on the rich list by his former right-hand man at Microsoft, Steve Ballmer.Gates' philanthropic focus is consistent with a long-standing, personal mission to give away his wealth. Bill Gates', 69,net worth has taken a dramatic hit - dropping by a staggering $51 billion in just days Gates will donate nearly all of his remaining fortune over the next two decades to the Gates Foundation, the charitable organization he co-founded with ex-wife Melinda French Gates. Pictured: Melinda French Gates, Bill Gates and their three children, Phoebe, Jennifer and Rory'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. 'There are too many urgent problems to solve for me to hold onto resources that could be used to help people.'He has publicly stated for years that his children will inherit 'less than 1%' of his fortune, and now, that mission is being reflected in the numbers.Gates, who co-founded Microsoft in 1975, topped global wealth rankings for 13 consecutive years from 1995 to 2007. He reclaimed the top spot in 2014, holding it until 2018 when Amazon founder Jeff Bezos surpassed him, according to the Forbes Billionaires List.Following the latest adjustment, Gates dropped from 5th to 12th place on Bloomberg's list, just below fellow tech titan Michael Dell. His longtime friend and former Microsoft CEO Ballmer, also 69, now claims the 5th spot.Steve Ballmer is a longtime Microsoft executive and close associate of cofounder Bill Gates. He joined the company in 1980 as its 30th employee, leaving Stanford’s MBA program to do so. Gates' longtime friend and former Microsoft CEO Steve Ballmer (pictured), also 69, now claims the 5th spot As of July 12, the richest man in the world is Tesla and SpaceX CEO Elon Musk. Behind him sits Meta CEO Mark Zuckerberg, Oracle CEO Larry Ellison, Bezos and BallmerInitially hired as a business manager, Ballmer was offered a $50,000 salary and 10 percent of any profit growth he generated - an arrangement that quickly became too costly for the rapidly growing company. Later, in a renegotiated deal, Ballmer swapped his profit-sharing for an 8 percent equity stake, and although Microsoft cofounder Paul Allen objected, Gates personally gave up part of his own stake to finalize the agreement. That decision ultimately laid the foundation for Ballmer’s immense wealth, making him one of the richest people in the world. Following in Gates’ philanthropic footsteps, Ballmer has shown a strong commitment to giving back, donating over $4 billion of his wealth to date and founding the Ballmer Group - a philanthropic organization dedicated to improving economic mobility for families across the United States, Fortune reported. As of July 12, the richest man in the world is Tesla and SpaceX CEO Elon Musk.Behind him sits Meta CEO Mark Zuckerberg, Oracle CEO Larry Ellison, Bezos and Ballmer.
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