Bill Gates Announces End of Foundation, Slams Musk as ‘World’s Richest Man Killing the World’s Poorest Children’
Bill Gates has announced plans to give away nearly all of his estimated $200 billion fortune over the next two decades, a sweeping decision that coincides with his sharp criticism of Elon Musk’s role in dismantling U.S. foreign aid.
The billionaire philanthropist confirmed the Gates Foundation will close by the end of 2045, bringing an end to what has been one of the most powerful forces in global health and development.
In remarks published after the announcement, Gates described recent federal actions under the Trump administration, specifically, the shuttering of the U.S. Agency for International Development (USAID) by Musk’s Department of Government Efficiency, as devastating to vulnerable populations around the world.
“The picture of the world’s richest man killing the world’s poorest children is not a pretty one,” Gates told the Financial Times, per the Daily Mail.
Gates’ decision to accelerate the foundation’s timeline marks a shift from earlier plans, which would have seen the organization continue for 20 years after his death.
Now, he says, the foundation will spend down its assets by 2045, giving “virtually all” of his wealth to charitable causes and leaving just 1 percent — roughly $1.6 billion — to himself and his children.
“I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” Gates said.
Although he did not directly attribute the change to Musk or Trump, Gates acknowledged that private philanthropy cannot fill the void left by the U.S. government’s withdrawal from major aid initiatives.
USAID had an annual budget of $44 billion and operated in more than 100 countries, delivering food aid, disaster relief and disease prevention.
Even as the Gates Foundation plans to ramp up spending to $9 billion annually over the next two decades, Gates warned that the loss of government-led international aid programs cannot be fully offset.
“If we were trying to be a forever foundation, instead of being able to spend $9 billion a year, we’d have to drop down to spending like $6 billion a year,” he said.
Founded in 2000 with Melinda French Gates, the foundation has already spent more than $100 billion on global health, vaccine development, scientific research and education, according to the Daily Mail.
Melinda left the Gates Foundation in 2024 to focus on her own philanthropic venture, Pivotal Ventures, which centers on programs for women and girls. She confirmed that the decision to wind down the Foundation by 2045 was Bill’s alone.
“The timeline was Bill’s decision to make with the board of trustees,” she told the Associated Press.
The foundation’s unique position in global development has attracted both admiration and criticism.
While some have raised concerns over its outsized influence, Gates has defended his right to fund programs of his choosing.
“Is that a bad thing? It’s not an important cause? People can criticize it,” he told the AP.
Gates, now 69, said he plans to remain actively involved for as long as possible, though he acknowledged he may not lead indefinitely.
Despite parting ways personally, he and Melinda remain aligned in their vision that the foundation’s final two decades should have maximum impact.
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