Melinda French Gates shared her thoughts on being a billionaire and her philanthropic responsibilities.
What Happened: She described her wealth, estimated between $11 billion and $13.5 billion, as “surreal” and emphasized the responsibility it brings. Despite this, she noted that it doesn’t feel burdensome, in an interview with Vanity Fair published on Thursday.
French Gates highlighted the “weighty part” as observing struggling mothers and determining how to utilize philanthropic and government resources to assist them. She has dedicated over 20 years to philanthropy through the Bill & Melinda Gates Foundation, which she co-founded with her ex-husband, Bill Gates, in 2000.
The foundation focuses on global health, investing billions in vaccine development and combating infectious diseases. As of December 2023, it reported a $75.2 billion endowment.
French Gates stepped down from her cochair role at the foundation in June, three years after her divorce. She received an additional $12.5 billion for her charitable work upon her resignation, which she plans to use for women’s and families’ causes.
She also founded Pivotal Ventures in 2015, an LLC addressing issues affecting women and families, allowing her to use various tools for philanthropy, investment, and policy advocacy.
French Gates has been vocal about the responsibility of billionaires to give away their wealth, stating that they can donate half without altering their lifestyle.
She also mentioned her “substantial” contributions to political campaigns, including Vice President and Democratic presidential nominee Kamala Harris and her running mate, Tim Walz (D-Minn.)
In July, following President Joe Biden‘s announcement that he would not seek reelection, French Gates quickly voiced her support for Harris, endorsing her just two days later.
French Gates has collaborated with Harris on several occasions, including an agriculture initiative ahead of the Vice President’s 2023 visit to Africa. "We are like-minded on many issues," French Gates said, highlighting their shared views on key topics such as paid family leave and reproductive rights.
Why It Matters: The interview comes at a time when French Gates has been making significant changes in her life and philanthropic focus. In June, she shared her joy in embracing a simpler lifestyle post-divorce from Bill Gates. She expressed her love for her walkable neighborhood, a stark contrast to her previous life.
Her departure from the Bill & Melinda Gates Foundation in June marked a pivotal moment. She announced her resignation on X, formerly known as Twitter, to focus on her own philanthropic endeavors. This move was seen as a significant shift in her approach to addressing global inequalities.
French Gates’ philanthropic philosophy has sparked debates among prominent figures. In August, investor Bill Ackman responded to her criticism of his philanthropic efforts, advocating for for-profit solutions over traditional philanthropy. Ackman highlighted his family’s foundation’s contributions, which have made grants exceeding $700 million.
In June, Elon Musk weighed in on her political activities, suggesting that her support for President Joe Biden before he dropped out of the presidential election race could have far-reaching implications, hinting at a potential impact on Western civilization.
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Image via Flickr
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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