Microsoft (MSFT) founder-turned-philanthropist Bill Gates accused fellow billionaire Elon Musk led Department of Government Efficiency (DOGE) of “killing the world’s poorest children” by shuttering the US Agency for International Development (USAID). Meanwhile, Gates vowed to accelerate his philanthropy by giving away $200 billion of his fortune (nearly 99%) over the next two decades. The news was reported by the Financial Times, citing a lengthy interview with Gates.
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Notably, the Bill & Melinda Gates Foundation Trust has already given more than $100 billion to date. Gates also said that the charitable foundation will cease operations by December 31, 2045, earlier than previously expected. While mentioning his “new deadline” of giving away “virtually all” of his wealth published last night, Gates said that he is determined to ensure that people will not say “he died rich” after his passing. His charitable ambitions are driven by the “many urgent problems” facing the world and his desire to help others. According to Bloomberg’s Billionaire’s Index, Gates is currently the fifth-richest person in the world, with a fortune of $168 billion.
Musk’s Budget Cuts Accused of Crisis
Musk’s DOGE shut down USAID in February as part of a broader effort to cut wasteful government spending. Musk has faced extreme criticism for his role in and decisions of cutting federal jobs. The report noted that DOGE itself has estimated awful consequences from these cuts. About 1 million children with severe acute malnutrition could go untreated, and up to 166,000 additional deaths could occur from malaria.
Gates, his former wife, and investment guru Warren Buffett created the Giving Pledge in 2010 as part of the world’s richest individuals to commit giving away more than half of their wealth to society. Gates noted that even Musk has signed the pledge, although to date he has donated only 1% of his wealth. Gates also expressed uncertainty about whether Musk would honor the Pledge, which has an unusual provision that you can wait until your death to fulfil it. “So who knows? He could go on to be a great philanthropist,” Gates added.
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