Bill Gates announced on Thursday his commitment to donate $200 billion through his charitable foundation by the year 2045. He also strongly criticized Elon Musk, alleging that the world’s wealthiest individual is “killing the world’s poorest children” due to significant reductions in the U.S. foreign aid budget.
The 69-year-old Microsoft co-founder revealed he is accelerating his plans to distribute nearly all his wealth and intends to close the foundation on December 31, 2045, which is several years sooner than initially planned. Gates expressed his belief that these funds will contribute to achieving several key objectives, including the eradication of diseases such as polio and malaria, the elimination of preventable deaths among women and children, and the reduction of global poverty.
This declaration comes in the wake of actions by various governments, including the Trump administration, to reduce international aid budgets designated for preventing deadly diseases and famine.
These U.S. budget cuts have been overseen by Musk, who has openly boasted about dismantling the U.S. Agency for International Development (USAID), referring to it as feeding the agency “into the wood chipper,” and his Department of Government Efficiency (DOGE). Approximately 80% of USAID programs are slated for cuts; the agency’s expenditure was $44 billion globally in the 2023 fiscal year.
“The image of the world’s wealthiest man causing the deaths of the world’s most impoverished children is not a positive one,” Gates remarked to the Financial Times.
In an interview with Reuters, Gates cautioned that due to funding reductions by governments worldwide, there could be a significant reversal of decades of progress in reducing mortality rates over the next four to six years.
“For the first time, the number of deaths will begin to rise… it will result in millions more deaths because of the resource [cuts],” Gates informed Reuters.
The Gates Foundation’s annual budget is set to increase to $9 billion by 2026 and will be approximately $10 billion annually thereafter due to this accelerated spending. Gates has cautioned the White House that his foundation and other philanthropic organizations cannot compensate for the shortfalls created by government funding cuts.
“I believe governments will eventually return to prioritizing children’s survival” over the next two decades, Gates stated on Thursday.
Gates and Musk, the CEO of Tesla and SpaceX, previously shared similar views on the role of the wealthy in charitable giving but have since had several disagreements.
When asked if he had recently appealed to Musk to reconsider his approach, Gates indicated that the future of U.S. aid spending is now a matter for Congress to decide.
“Gates is a huge liar,” Musk responded to a tweet on his X social media platform that included an interview with Gates warning about U.S. aid cuts. Spokespeople for Musk were not immediately available for comment.
Gates emphasized that despite his foundation’s substantial financial resources, progress would not be achievable without governmental support.
“There are too many pressing problems to solve for me to retain resources that could be utilized to assist people,” Gates wrote in a post on his website. “It remains uncertain whether the world’s wealthiest nations will continue to advocate for its most vulnerable populations.”
He commended the response to aid cuts in Africa, where some governments have reallocated their budgets, but noted that, for instance, polio eradication would not be possible without U.S. funding.
Gates made this announcement on the 25th anniversary of the foundation. He established the organization with his then-wife Melinda French Gates in 2000, and they were later joined by billionaire investor Warren Buffett.
‘WHAT MY PARENTS TAUGHT ME’
Since its establishment, the foundation has disbursed $100 billion, contributing to saving millions of lives and supporting initiatives such as the vaccine alliance Gavi and the Global Fund to Fight AIDS, Tuberculosis and Malaria.
It will cease operations after it has expended approximately 99% of Gates’ personal fortune, he stated. The founders had initially anticipated that the foundation would conclude its activities in the decades following their deaths.
Gates, whose current net worth is estimated at around $108 billion, anticipates the foundation will spend approximately $200 billion by 2045, with the final amount subject to market conditions and inflation.
The foundation has encountered criticism regarding its significant power and influence in its field without corresponding accountability, including its role at the World Health Organization.
Gates himself has also been the target of conspiracy theories, particularly during the COVID-19 pandemic.
He has spoken with Trump on several occasions in recent months, and twice since the president assumed office on January 20, he informed Reuters on Thursday, regarding the importance of sustained investment in global health.
“The world does possess values. That is what my parents instilled in me,” Gates told Reuters.