Bill Gates loses Rs 4,38,35,52,000 in one week, here’s why his wealth is falling, ‘There are too many...’

Microsoft founder Bill Gates’s fortune just got lighter by USD 51 billion (Rs 4,38,35,52,000) in one go. Bloomberg updated the billionaire’s net worth on July 13. Prior to this, his net worth was USD 175 billion and after revision it now stands at USD 124 billion. As his net worth has now gone down, Bill Gates has come down to the world’s twelfth richest billionaire. However, this was not due to any loss in the stock market, shares or a deal gone wrong. This is due to the long-term vision of the 69-year-old founder that has vowed to lighten himself of his empire of wealth.

What is Bill Gates’ next plan?

In a blog post in May, the billionaire wrote that none of his obituaries should refer to him as a man who m as a man who “died rich.” In line with this, Gates asked his foundation to distribute just everything he owns by 31 December 2045, that is the coming 20 years. Bloomberg observed that this distribution has already started on a big scale. So, this is not the case of a fortune loss or a case of a financial mistake but a step towards fulfilling a promise for a transformed future that will impact both the billionaire’s legacy and also reshape the course of global philanthropy through the world’s largest private charity, the Gates Foundation.

The change in Gates’ wealth happened between July 3 to July 10 which was a 29% reduction in its value. The majority of this downward shift is because of the update in his records that include either Microsoft shares given away or promised to give away to the Bill & Melinda Gates Foundation and similar charities. The founder of Microsoft still owns 3.5% of the company’s shares.

In his May’s blog post, Bill wrote, “There are too many urgent problems to solve for me to hold on to resources that could be used to help people.” He has given a 20-year deadline to give away around 99 percent of his remaining assets and gradually shut down the foundation by 2045. This commitment and promise hints towards a mindset that has already bid goodbye to the long-owned billionaire status.