Bill Gates Logs Out to Focus on Charity Work
Charity News Online
Lisa Vronskaya
Bill Gates, 50, whose estimated net worth is about $50 billion, announced last week he will leave his day-to-day work at Microsoft Corp. in two years and plans to devote full time to charitable work. He says he wants to give most of his money to charity. Gates said on Thursday he was beginning a two-year transition away from his day-to-day role at the Seattle-based software company to spend more time on his charitable work.
Gates, the world's wealthiest man, has said that a sizable portion of his fortune, estimated by Forbes magazine in March to total more than $50 billion, would go to charity and not his three children. The 50-year-old Harvard dropout has described his philosophy as one of "giving back my wealth to society." Last year, the foundation distributed $1.36 billion in grants, an 8 percent increase from 2004.
Among its initiatives, the Gates endowment has committed millions to fighting diseases like malaria and tuberculosis in developing countries and to education and library technology in the United States.
Melinda Gates also plans to increase her daily involvement in the institution, Gates Foundation Chief Executive Patty Stonesifer said in a statement. She added that no other organizational changes are planned at the foundation, which is in the process of expanding its staff and moving into new headquarters. The foundation is also launching a new initiative aimed at fighting worldwide poverty through programs such as small business loans.
Charity News Online
Lisa Vronskaya
Bill Gates, 50, whose estimated net worth is about $50 billion, announced last week he will leave his day-to-day work at Microsoft Corp. in two years and plans to devote full time to charitable work. He says he wants to give most of his money to charity. Gates said on Thursday he was beginning a two-year transition away from his day-to-day role at the Seattle-based software company to spend more time on his charitable work.
Gates, the world's wealthiest man, has said that a sizable portion of his fortune, estimated by Forbes magazine in March to total more than $50 billion, would go to charity and not his three children. The 50-year-old Harvard dropout has described his philosophy as one of "giving back my wealth to society." Last year, the foundation distributed $1.36 billion in grants, an 8 percent increase from 2004.
Among its initiatives, the Gates endowment has committed millions to fighting diseases like malaria and tuberculosis in developing countries and to education and library technology in the United States.
Melinda Gates also plans to increase her daily involvement in the institution, Gates Foundation Chief Executive Patty Stonesifer said in a statement. She added that no other organizational changes are planned at the foundation, which is in the process of expanding its staff and moving into new headquarters. The foundation is also launching a new initiative aimed at fighting worldwide poverty through programs such as small business loans.
posted by Lisa Vronskaya at 2:06 PM
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