Jamie Spencer
Bill Gates announced on Thursday that he will give away $200 billion through his Gates Foundation by 2045. In a sharp rebuke to Elon Musk, Gates accused the world’s richest man of contributing to the deaths of millions by cutting U.S. foreign aid funding. Gates’ remarks come as Musk has aggressively backed budget cuts to U.S. international aid, particularly to the U.S. Agency for International Development (USAID), which plays a significant role in tackling deadly diseases worldwide.
Accelerating Philanthropy Goals Amid Global Uncertainty
Gates, the co-founder of Microsoft, has vowed to accelerate his philanthropy, announcing that his foundation will close by 2045. This shift means that Gates will divest nearly all of his fortune over the next 20 years. He intends to focus on eradicating diseases like polio and malaria, ending preventable deaths among women and children, and reducing global poverty. The foundation’s budget will rise to $9 billion annually by 2026 and will continue growing, but Gates stressed that these efforts would be insufficient without continued government support.
Impact of U.S. Aid Cuts on Global Health
The announcement coincides with cuts to U.S. foreign aid, particularly the 145% tariffs on imports from China and the significant reductions to U.S. international assistance programs, including the efforts to combat diseases and famine. Gates expressed concern that these cuts would reverse decades of progress in reducing global mortality rates, warning that the number of deaths from preventable causes could start rising again. He stressed that without U.S. involvement, the eradication of diseases like polio would not be achievable.
Conflict with Elon Musk and U.S. Foreign Aid Debate
Gates’ criticism of Musk came after the Tesla CEO’s public support of U.S. foreign aid cuts, including his statement about feeding USAID “into the wood chipper.” The tension between Gates and Musk marks a growing divide over the role of the wealthy in solving global issues. While both billionaires once shared similar views on philanthropy, their perspectives have diverged as Musk’s stance on aid cuts has become more prominent.
Foundation’s Legacy and Future
Since its inception in 2000, the Gates Foundation has contributed over $100 billion to various health initiatives, including the vaccine group Gavi and the Global Fund to Fight AIDS, Tuberculosis, and Malaria. Gates stated that by 2045, the foundation will have spent nearly all of his personal fortune. However, he remains concerned that the increasing influence of philanthropy in global health, without proper accountability, could lead to mismanagement of power, especially in organizations like the World Health Organization.
Gates’ Vision for the Future
Gates remains hopeful that the future will bring more global investments in health, despite the challenges posed by political changes and funding cuts. He believes that his foundation’s mission, which is centered on core values taught by his parents, will continue to drive forward even in the face of economic and political hurdles. However, he acknowledged that the world needs to act quickly, or risks losing valuable ground in the fight against poverty and disease.
