Billionaire philanthropist and Microsoft co-founder Bill Gates has made a powerful announcement. He plans to give away $200 billion through his charity foundation by the year 2045. At the same time, he strongly criticised fellow billionaire Elon Musk, blaming him for harming the world’s poorest people by supporting large cuts in U.S. foreign aid.
This major update was shared on the 25th anniversary of the Bill & Melinda Gates Foundation, which has already given away around $100 billion since its start in 2000.
Giving It All Away for a Better World
Gates, who is currently worth about $108 billion, said he wants to donate nearly all of his wealth before the foundation closes on December 31, 2045. The money will be used to fight diseases like polio and malaria, reduce poverty, and help prevent the deaths of women and children in poor countries.
He added, “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
Gates believes the next 20 years are crucial and hopes governments will return to supporting children’s health and survival.
Strong Criticism of Elon Musk
In a direct statement, Gates blamed Elon Musk—the world’s richest man and the CEO of Tesla and SpaceX—for helping slash the U.S. foreign aid budget through the newly created Department of Government Efficiency (DOGE).
According to Gates, Musk “bragged” about cutting the U.S. Agency for International Development (USAID) and has led to about 80% of its programs being shut down. In 2023, USAID had spent $44 billion on aid around the world.
Gates said, “The picture of the world’s richest man killing the world’s poorest children is not a pretty one.”
In reply, Musk simply wrote on his X platform (formerly Twitter), “Gates is a huge liar.”
The Impact of Aid Cuts
Gates has warned that we could soon see a rise in global death rates due to these cuts. “It’s going to be millions more deaths because of the loss of resources,” he told Reuters.
While the Gates Foundation will increase its yearly spending to about $10 billion by 2026, Gates made it clear that private foundations cannot replace government aid.
He praised some African countries for adjusting their budgets to cover the shortfall but warned that big health goals, like ending polio, cannot be achieved without U.S. government support.
Foundation Will Close After Fulfilling Its Mission
The Gates Foundation was started by Gates and his then-wife Melinda French Gates, along with support from investor Warren Buffett. Although they first thought the foundation would run for decades after their deaths, they have now chosen to speed up the giving and close the foundation by 2045.
The final donation amount may change depending on market conditions and inflation, but Gates expects to give away 99% of his personal wealth.
Facing Criticism and Conspiracies
Despite the good work, the foundation has faced criticism for having too much control in areas like public health, with some experts questioning its accountability. During the COVID-19 pandemic, Gates also became the target of many false conspiracy theories.
Still, he continues to believe in the power of giving and the values his parents taught him. “The world does have values,” Gates said in a recent interview.