Bill Gates has taken a big step toward keeping his promise to give away most of his money. In just a few days, the Microsoft co-founder's net worth dropped by $51 billion, according to the Bloomberg Billionaires Index.
This follows his May pledge to donate nearly all of his fortune and shut down the Gates Foundation by the end of 2045.
On July 3, Gates was worth $175 billion. By Thursday, his fortune had fallen to $124 billion, putting him in 12th place on Bloomberg's list of the richest people, FoxBusiness said.
His former Microsoft partner, Steve Ballmer, now ranks higher, with a net worth of $173 billion.
Gates, who once held the title of the world's richest man for 18 years, is giving away his wealth faster than expected.
He said the money could be used to help people now, rather than sit in his accounts. "People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them," Gates wrote in a blog post earlier this year.
Much of Gates' giving is done through the Gates Foundation, which he co-founded with his ex-wife Melinda French Gates in 2000. The foundation has already donated more than $100 billion.
It focuses on health, education, and poverty, especially in developing countries.
Bill Gates has lost $51 billion in a few days due to increased philanthropic activities.
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Gates Cites Global Crises as He Donates More of His Fortune
Gates said he was inspired to give more after seeing the success of the foundation's work in distributing vaccines and saving lives.
According to NYPost, the recent drop in Gates' wealth is part of his bigger plan to donate 99% of his fortune before 2045.
His decision also reflects his concern over what he sees as a slowdown in global aid and humanitarian support.
He pointed to cuts in US foreign aid and conflicts around the world as reasons why more help is urgently needed.
Gates' commitment is one of the largest charitable efforts ever made by an individual. And despite the drop, he still has billions left to give. Bloomberg reported on Saturday that his wealth dipped even further to about $123 billion.
The Gates Foundation is expected to keep operating for another 20 years, but Gates has made it clear that the goal is to close it by December 31, 2045.
As he put it: "There are too many urgent problems to solve for me to hold onto resources that could be used to help people."
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