Melinda French Gates to no longer give bulk of wealth to Gates Foundation

Bill and Melinda Gates. File Pic

Melinda French Gates, co-founder of the Bill and Melinda Gates Foundation, will no longer be pledging the majority of her wealth to the philanthropic organization, The Guardian reported.

According to the Wall Street Journal, French Gates still plans to distribute much of her fortune across philanthropic endeavours, but largely outside of the Gates Foundation, which is one of the world's largest.

"I recognise the absurdity of so much wealth being concentrated in the hands of one person, and I believe the only responsible thing to do with a fortune this size is to give it away - as thoughtfully and impactfully as possible," French Gates wrote in a new letter.

In 2010, French Gates and her then husband Bill Gates, co-founder of Microsoft, launched The Giving Pledge, alongside billionaire investor Warren Buffett.

The campaign encourages the world's richest people to dedicate the majority of their wealth to charitable causes.

At the time, the former couple revealed in a joint letter that they have "committed the vast majority of our assets" to the Gates Foundation in efforts to address preventable death from various diseases and "tear down other barriers to health and education".

However, since their divorce in 2021, French Gates and Gates have each penned individual letters detailing varying philanthropic commitments.

In 2015, French Gates founded Pivotal Ventures, an investment and incubation company that seeks to advance social and professional progress for women and families across the US, the report said.

In French Gates' letter, she reiterated her commitment to giving away the vast majority of her wealth.

"I think philanthropy is most effective when it prioritises flexibility over ideology - and why in my work at the foundation and Pivotal Ventures I'll continue to seek out new partners, ideas, and perspectives," she wrote.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever