Gates to get $12.5bn for her own work aimed at helping women and families
14 May 2024 - 00:06
byYuvraj Malik and Aditya Soni
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Bengaluru — Melinda French Gates is leaving the charitable foundation she cofounded with former spouse Bill Gates more than 20 years ago and will get $12.5bn for her own work to uplift women and families, she said on Monday.
The billionaire benefactors parted ways in 2021 after 27 years of marriage but had pledged to continue their philanthropic work together. Their final divorce order filed in a Seattle court had no details on an agreement reached between the two on how to divide their marital assets.
“Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5bn to commit to my work on behalf of women and families,” Melinda Gates said on social media platform X, without disclosing more details about her plans.
With her departure as cochair, the foundation will change its name to Gates Foundation and Bill Gates will be its sole chair, said CEO Mark Suzman.
“After a difficult few years watching women’s rights rolled back in the US and around the world, she wants to use this next chapter to focus specifically on altering that trajectory,” Suzman said.
The foundation is one of the most powerful and influential forces in global public health, having spent more than $75bn since its inception to bring a business approach to combating poverty and disease.
From 1994 through 2018, Bill and Melinda gifted about $59.5bn to the Seattle-based foundation, its website said.
Her last day at the foundation will be June 7.
“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work,” Microsoft co-founder Bill Gates said in a post on X.
Melinda Gates, who has a net worth of $11.3bn according to Forbes, manages some of her investments and charitable work through her Pivotal Ventures. The investment company, founded in 2015, focuses on women and families.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Melinda Gates to exit Gates Foundation
Gates to get $12.5bn for her own work aimed at helping women and families
Bengaluru — Melinda French Gates is leaving the charitable foundation she cofounded with former spouse Bill Gates more than 20 years ago and will get $12.5bn for her own work to uplift women and families, she said on Monday.
The billionaire benefactors parted ways in 2021 after 27 years of marriage but had pledged to continue their philanthropic work together. Their final divorce order filed in a Seattle court had no details on an agreement reached between the two on how to divide their marital assets.
“Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5bn to commit to my work on behalf of women and families,” Melinda Gates said on social media platform X, without disclosing more details about her plans.
With her departure as cochair, the foundation will change its name to Gates Foundation and Bill Gates will be its sole chair, said CEO Mark Suzman.
“After a difficult few years watching women’s rights rolled back in the US and around the world, she wants to use this next chapter to focus specifically on altering that trajectory,” Suzman said.
The foundation is one of the most powerful and influential forces in global public health, having spent more than $75bn since its inception to bring a business approach to combating poverty and disease.
From 1994 through 2018, Bill and Melinda gifted about $59.5bn to the Seattle-based foundation, its website said.
Her last day at the foundation will be June 7.
“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work,” Microsoft co-founder Bill Gates said in a post on X.
Melinda Gates, who has a net worth of $11.3bn according to Forbes, manages some of her investments and charitable work through her Pivotal Ventures. The investment company, founded in 2015, focuses on women and families.
Reuters
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.