Bill Gates has pledged to donate "almost all" of his $113 billion fortune to his foundation. What does this mean?
The billionaire Microsoft co-founder, who founded the Bill & Melinda Gates Foundation in 2000 with his then-wife Melinda, said the nonprofit plans to increase spending from $6 billion a year now to $9 billion a year by 2026.
"To help make this spending increase possible, I'm transferring $20 billion to the foundation this month," Gates announced on Twitter, later explaining.
He then added: "As I look into the future, I plan to give away almost all of my wealth to the foundation. I will step down and eventually leave the list of the world's richest people."
The Bill & Melinda Gates Foundation aims to fight disease and poverty across the globe.
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