The Gates Foundation received a death sentence of sorts today.
Billionaire philanthropist Bill Gates, who became a co-founder of Microsoft, said his foundation had only been 20 years to run out of funds and erode the business. He has pledged to donate 99% of his property. He is worth an estimated $100 billion today. Over the next 20 years, he hopes the foundation will spend more than $220 billion.
“This decision comes at a moment of reflection for me,” Gates writes on his website, pointing out. “In addition to celebrating the foundation’s 25th anniversary, several other milestones have also been marked this year. My father, who helped launch the foundation, has turned 100. Microsoft is now 50.
The total contributions at Gate are expected to be the second largest charity gift in US history adjusted for inflation. Warren Buffett, whose net worth is estimated at $160 billion, is expected to be the largest.
Previously, the Gates Foundation was instructed to close 20 years after Gates’ death. This indicates a major change in the foundation’s timeline, as the 69-year-old Microsoft founder appears to be in good health.
The 25-year-old Gates Foundation spends more than $100 billion on a variety of causes, mainly focusing on health, education, global development and gender equality.
Many of the beneficiaries of the Gates Foundation were people in low-income countries with endemic and frequently fatal diseases such as malaria.
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The news comes as the Trump administration moves to cut foreign aid. One of the agencies that suffered Trump’s cuts, USAID managed more than $35 billion in Congressional budgets per year. The Gates Foundation said it is expected to spend around $9 billion a year through 2045.