Melinda Exits Gates Foundation With $19b For Charity: Know More Here

By Kaushiki Last updated May 14, 2024 Share with new partner:

Melinda French Gates is stepping down from the philanthropic organization she co-founded over 20 years ago with her ex-husband Bill Gates. She will get US$12.5 billion ($18.9 billion) for her efforts to support women and children.

After 27 years of marriage, the millionaire philanthropists called it quits in 2021, but they promised to carry on their charitable endeavours together. There was no information about any arrangement they came to about how to split their marital assets in their final divorce order, which was filed in a Seattle court.

“Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $US12.5 billion ($18.9 billion) 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.

According to CEO Mark Suzman, the charity will become the Gates charity and Bill Gates will serve as its only chair after she steps down as co-chair.

“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, which has invested over $US75 billion ($114 billion) since its founding to apply a corporate approach to battling poverty and disease, is one of the most significant players in the field of global public health.

According to the foundation’s website, Bill and Melinda gave the Seattle-based organization around $US59.5 billion ($90.1 billion) between 1994 and 2018.

June 7 is her last day with the foundation.

“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.

With a net wealth of $17.1 billion (US$11.3 billion), Melinda Gates oversees some of her charity endeavors and investments through her Pivotal Ventures. The investing firm was established in 2015 with a focus on families and women.