Melinda French Gates will no longer pledge bulk of wealth to Gates Foundation
Philanthropist has pledged to give $bn to her new organisation, Pivotal Ventures
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Your support makes all the difference.Billionaire Melinda French Gates, who divorced Microsoft founder Bill Gates last year, will now offer her philanthropy to other causes instead of the Gates Foundation.
The billionaire formerly donated the majority of her wealth to the charitable organisation, which fights global poverty, disease, and inequity. She is now going to spread her wealth in other areas instead, according to The Wall Street Journal.
“I recognise the absurdity of so much wealth being concentrated in the hands of one person, and I believe the only responsible thing to do with a fortune this size is to give it away – as thoughtfully and impactfully as possible,” Ms French Gates wrote in a recent pledge letter, for The Giving Pledge, which she, Bill Gates and American business magnate Warren Buffett launched so the world’s wealthiest individuals and families can dedicate the majority of their wealth to charitable causes.
Since parting ways with Gates, French Gates has set up her own separate charitable organisation – Pivotal Ventures – to advance social progress in the United States. Pivotal fights for things like a national paid leave policy, support for young people’s mental health, and gender equality in tech. She has pledged to give $1bn to the organisation over 10 years.
Bill Gates has confirmed the Gate Foundation would continue to be his top charitable priority. “The foundation is my top philanthropic priority, even as my giving in other areas has grown over the years – primarily in mitigation of climate change and tackling Alzheimer’s disease,” he pledged on The Giving Pledge.
The Gates Foundation added four people to its Board of Trustees in January including Strive Masiyiwa, a telecom billionaire from Zimbabwe; Minouche Shafik, the director of the London School of Economics; and Tom Tierny, cofounder of nonprofit advisory firm Bridgespan; plus Mark Suzman, the Gates Foundation CEO.
French Gates is worth $6.1bn, while Bill Gates is the fourth richest person in the world, he is worth $133.5bn, according to Forbes’ billionaire tracker. He made his fortune with software firm Microsoft and has shifted his focus to philanthropy and zero-carbon energy.
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