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Bill Gates pledges to donate $200 billion by 2045, criticizes Musk's foreign aid cuts
Bill Gates announced on Thursday that he plans to donate $200 billion through his charitable foundation by 2045, accelerating his strategy to divest nearly all of his wealth. He criticized Elon Musk for his role in slashing US foreign aid, accusing the billionaire of contributing to the suffering of the world's poorest children by drastically reducing funding for essential global health programs.
At 69, the Microsoft co-founder revealed that he would shut down his foundation on December 31, 2045, years earlier than initially planned. Gates aims to use his fortune to combat diseases like polio and malaria, reduce preventable deaths among women and children, and fight global poverty. This move follows several governments, including the Trump administration, cutting international aid budgets vital for preventing disease and famine.
Musk, who has publicly advocated for reducing US foreign aid, is overseeing these cuts, with around 80% of USAID programs expected to be eliminated. The agency spent $44 billion globally in fiscal 2023.
Gates condemned this stance, telling the Financial Times, “The picture of the world’s richest man killing the world’s poorest children is not a pretty one.” He further warned that global mortality rates would rise over the next few years due to funding reductions.
The Gates Foundation's budget will increase to $9 billion by 2026, and its annual spending will reach $10 billion thereafter. Gates emphasized that philanthropy alone could not fill the gap left by government funding and urged governments to return to prioritizing children’s survival.
Once allies in philanthropy, Gates and Musk have had multiple public disagreements. Musk dismissed Gates' concerns as lies on his social media platform, X.
Despite his foundation's financial resources, Gates stressed that government support is essential for making significant progress. He highlighted the effectiveness of aid responses in Africa but noted that diseases like polio would not be eradicated without US funding.
The announcement came on the foundation's 25th anniversary, with Gates revealing that the foundation has already donated $100 billion to various health initiatives. Upon reaching its target of spending $200 billion, the foundation will close, having given away nearly all of Gates' fortune.
Gates, whose wealth is estimated at $108 billion, reiterated his belief in the values his parents instilled in him, including the importance of supporting global health.
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