Bill Gates, the co-founder of Microsoft (NASDAQ:MSFT) and a tech industry titan, recently announced plans to give away 99% of his wealth by 2045, but not everyone is convinced.
The billionaire, who became the world’s youngest self-made billionaire at age 31 in 1987 and the first centibillionaire in 1999, currently holds a net worth of $113 billion, making him the 13th-richest person in the world, according to Forbes.
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The 69-year-old philanthropist outlined his latest giving pledge in a blog post, declaring that his Bill & Melinda Gates Foundation will wind down its operations by 2045, aiming to donate another $200 billion in that time.
Gates, who once held the title of the world’s richest person for 18 of 24 years between 1995 and 2017, said he does not want to be remembered as someone who “died rich.”
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However, the response online has been mixed. Popular YouTuber Stephen Findeisen, better known as Coffeezilla, was among those expressing doubt, posting on X, “I’ve been hearing this for 15 years and every year Bill has more.” The post got a lot of similar responses, with some questioning if Gates’ promise is about real giving or just maintaining influence.
“They’re likely just putting it into a trust and then ‘giving it away’ over the course of 50-100 years,” one commenter, Sam Tayyari, suggested, adding that many charities “spend a lot on ‘administrative costs’ like private jetting to give a 10 min speech while staying in $10k/night resorts.”
Others pointed out that even giving away 99% of his fortune would still leave Gates a billionaire, with one user noting, “1% of $200 billion is $2 billion. That’s a lot of money too.”
Critics also drew comparisons to other wealthy figures, like George Soros, who have faced similar skepticism about their charitable efforts. One commenter argued, “It’s meaningless anyway. He’s going to ‘give it away’ in the same way Soros gave his money away. He’s purchasing influence, not giving money away.”
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Gates, who has said he was inspired by philanthropists like Warren Buffett and 19th-century industrialist Andrew Carnegie, acknowledged that his approach to giving is about urgency.
In a recent BBC interview, he said, “It’s really about the urgency. We can spend a lot more if we’re not trying to be perpetual, and I know that the spending will be in line with my values.”
According to Gates, the foundation has already distributed $100 billion for health and development projects and plans to spend another $200 billion in the coming decades, depending on markets and inflation. However, critics argue that the true impact of these donations can be difficult to measure, given the scale of his wealth and the complex structures often used in philanthropy.
Despite the skepticism, Gates remains committed to his vision, saying in his blog post, “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them.”
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This article Popular YouTuber Coffeezilla Is Puzzled By Bill Gates’ Philanthropy Plans—’I’ve Been Hearing This For 15 Years And Every Year Bill Has More’ originally appeared on Benzinga.com
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