Bill Gates pledges his remaining fortune to Gates Foundation, which will close in 20 years
Seattle, May 9 (AP): Bill Gates says he will donate 99% of his remaining tech fortune to the Gates Foundation, which will now close in 2045, earlier than previously planned. Today, that would be worth an estimated $107 billion.
The pledge is among the largest philanthropic gifts ever – outpacing the historic contributions of industrialists like John D. Rockefeller and Andrew Carnegie when adjusted for inflation. Only Berkshire Hathaway investor Warren Buffett's pledge to donate his fortune — currently estimated by Forbes at $160 billion — may be larger depending on stock market fluctuations.
Gates' donation will be delivered over time and allow the foundation to spend an additional $200 billion over the next 20 years.
“It's kind of thrilling to have that much to be able to put into these causes,” Gates said in an interview with The Associated Press.
His announcement Thursday signals both a promise of sustained support to those causes, particularly global health and education in the US, and an eventual end to the foundation's immense worldwide influence.
Gates says spending down his fortune will help save and improve many lives now, which will have positive ripple effects well beyond the foundation's closure. It also makes it more likely that his intentions are honored.
"I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” Gates said.
In a league of its own
The Gates Foundation has long been peerless among foundations — attracting supporters and detractors but also numerous unfounded conspiracy theories.
In addition to the $100 billion it has spent since its founding 25 years ago, it has directed scientific research, helped develop new technologies, and nurtured long-term partnerships with countries and companies.
About 41% of the foundation's money so far has come from Warren Buffett and the rest from the fortune Gates made at Microsoft.
Started by Bill Gates and Melinda French Gates in 2000, the foundation plays a significant role in shaping global health policy and has carved out a special niche by partnering with companies to drive down the cost of medical treatments so low- and middle-income countries could afford them.
"The foundation work has been way more impactful than I expected,” Gates said, calling it his second and final career.
The foundation's influence on global health — from the World Health Organization to research agendas — is both a measure of its success and a magnet for criticism. For years, researchers have asked why a wealthy family should have so much sway over how the world improves people's health and responds to crises.
Gates said, like any private citizen, he can choose how to spend the money he earns and has decided to do everything he can to reduce childhood deaths.
“Is that a bad thing? It's not an important cause? People can criticize it,” he said, but the foundation will stick to its global health work.
The Associated Press receives financial support for news coverage in Africa from the Gates Foundation and for news coverage of women in the workforce and statehouses from Melinda French Gates' organization, Pivotal Ventures.
Major ambitions for the remaining 20 years
The foundation's most prized metric is the drop in childhood deaths from preventable causes by almost half between 2000 and 2020, according to United Nations figures. The foundation's CEO Mark Suzman is careful to say they do not take credit for this accomplishment. But he believes they had a “catalytic role” — for example, in helping deliver vaccines to children through Gavi, the vaccine alliance they helped create.
The foundation still has numerous goals — eradicating polio, controlling other deadly diseases, like malaria, and reducing malnutrition, which makes children more vulnerable to other illnesses.
Gates hopes that by spending to address these issues now, wealthy donors will be free to tackle other problems later.
The Gates Foundation had planned to wind down two decades after Gates' death, meaning today's announcement significantly moves up that timetable. Gates plans to stay engaged, though at 69, he acknowledged he may not have a say.
In its remaining two decades, the foundation will maintain a budget of around $9 billion a year, which represents a leveling off from its almost annual growth since 2006, when Buffett first started donating.
Suzman expects the foundation will narrow its focus to top priorities.
“Having that time horizon and the resources just puts an even greater burden on us to say, Are you actually putting your resources, your thumb down, on what are going to be the biggest, most successful bets rather than scattering it too thinly?'" Suzman said, which he acknowledged was creating uncertainty even within the foundation about what programs would continue.
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Jamshedpur man among crew of LPG vessel back from West Asia, family heaves sigh of relief
Jamshedpur (PTI): A family in Jharkhand's Jamshedpur heaved a sigh of relief after learning that the Indian-flagged LPG vessel Shivalik, on which their son was working, had safely reached Gujarat's Mundra port after crossing the Strait of Hormuz amid the conflict in West Asia.
Mithilesh Tripathy said his only son, Ansh Tripathy, who serves as the second engineer on the vessel, was responsible for monitoring the ship's technical operations during the journey through the strategically crucial maritime corridor.
Tripathy said he last spoke to his son over a WhatsApp call about four to five days ago, when the vessel was leaving Qatar.
"They were instructed to maintain a safe distance from the Strait of Hormuz until they received the green signal from headquarters. The Indian government was negotiating with Iranian authorities to ensure safe passage," Tripathy told PTI.
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A former flight engineer with the Indian Air Force, Tripathy later worked at Uranium Corporation of India in Jadugora near Jamshedpur. He now lives in a residential society near Pardih in the city.
Speaking about his son, Tripathy said Ansh completed his schooling in Jamshedpur and Jadugora, pursued mechanical engineering at BIT, and later graduated as a marine engineer from Kochi. He joined the Shipping Corporation of India around 2014-15.
"Before leaving Qatar, Ansh told me they were heading towards the Indian Ocean. That was all he said," he added, noting that he did not discuss the number of crew members on board.
Tripathy said the family remained anxious after hearing about the war in West Asia.
"We were extremely worried about Ansh and the crew members since the war broke out in the region. We were glued to the TV for updates," he said, expressing relief after hearing that the ship had reached Mundra port safely.
"It was a very painful time, but we were confident that if my son and the crew returned safely, it would be due to the efforts of PM Narendra Modi and External Affairs Minister S Jaishankar," he said.
Tripathy said that while people may hold different views about the tensions in West Asia, his experience in the Air Force helped him understand the realities of operating in a conflict zone.
Two Indian-flagged LPG carriers, Shivalik and Nanda Devi, with 92,712 metric tonnes of LPG, crossed the Strait of Hormuz early on Saturday following negotiations between India and Iran.
Shivalik arrived at the Mundra Port on Monday with 46,000 metric tonnes of LPG ordered by Indian Oil Corp Ltd, officials said.
While 20,000 MT will be unloaded at Mundra, 26,000 MT will be unloaded at Mangaluru, they said.
Nanda Devi is scheduled to reach Gujarat's Kandla port on Tuesday, they added.
These two ships were among the 24 ships stranded on the west side of the strait since the war broke out in the region.
Besides the 24 on the west side of the strait, four others were stranded on the east side.
India imports about 88 per cent of its crude oil, 50 per cent of its natural gas and 60 per cent of its LPG needs. Before the US-Israel strikes on Iran on February 28 and Tehran's retaliation, more than half of India's crude imports, about 30 per cent of gas and 85-90 per cent of LPG imports came from West Asian countries such as Saudi Arabia and the UAE.
The conflict has led to a blockade of the Strait of Hormuz, the main transit route for Gulf energy supplies.
