Bill Gates hands over billions to foundation

by Ben Pena August 16, 2017, 15:04
Bill Gates hands over billions to foundation

Bill Gates has given £3.6bn to charity, the largest single donation he has made for nearly two decades.

Despite the donation, which stems from a reduction in his stake in Microsoft by 64 million shares, Gates remains the world's richest person.

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The SEC filing made public on August 14 did not stipulate the name of the recipient of Gates' latest donation, but the majority of his recent donations have gone to the Bill & Melinda Gates Foundation charity. This is the charity that has been set up by both Gates and his wife with the motto to promote global development. The June gift represents 38pc of his holdings in the company and is the latest in a long line of Microsoft share disposals that have whittled his stake down from 24pc in 1996 to 1.3pc today. Before giving a large gift of 31 million shares in November of 2014, he was selling roughly 100 million shares per year. The 61-year-old gave away US$16 billion worth of Microsoft shares in 1999 and US$5.1 billion a year later, according to calculations by Bloomberg. Those shares could be headed anywhere, but the best bet is the Bill and Melinda Gates Foundation, which among many fine and admirable projects, is educating women and combating infectious diseases in poor, rural areas of the world.

Spokesmen for Gates and Redmond, Washington-based Microsoft didn't respond to requests for comment. Recently Gates was overtaken by Amazon founder Jeff Bezos for the title of the world's richest man. The estimated net worth of Gates as of July 2017 is $89.9 billion.


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