Bill Gates’ Net Worth Plunges $51 Billion

Bill Gates’ wealth has plummeted by an astonishing $51 billion in mere days as he intensifies his philanthropic efforts, according to the Bloomberg Billionaire Index.

Previously the world’s wealthiest individual, Gates now holds the 12th spot on the index, with his net worth declining to $124 billion from $175 billion earlier this month. Among those who have overtaken him is his former Microsoft colleague, Steve Ballmer, owner of the Los Angeles Clippers, now the world’s fifth-richest person with $173 billion. Elon Musk, founder of Tesla, leads the list with $360 billion.

The significant reduction in Gates’ fortune stems largely from his commitment to avoid dying wealthy. In May, he announced plans to donate 99% of his wealth over the next two decades, with the Gates Foundation—co-founded with his former wife Melinda—scheduled to shut down on December 31, 2045.

“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,” Gates wrote in a recent blog post. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”

He noted that his decision was shaped by observing the Gates Foundation’s impact in providing vaccines for treatable diseases like diarrhea and pneumonia, which still claim lives in less affluent nations. This move coincides with a period when the U.S. and Europe have cut back on foreign aid amid global conflicts.

Despite his shrinking net worth, Gates remains steadfast in his resolve. According to the latest figures, his fortune has further decreased to approximately $123 billion.

Gates and Melinda founded the Gates Foundation in 2000, which has grown into one of the world’s largest philanthropic organizations, reportedly disbursing over $100 billion to various causes.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli