razoloto999Apr 26, 2024

Is Bill Gates technically still the richest person in the world? Can he use his foundation's endowment money any way he chooses?

https://sh.itjust.works/post/18410145

Is Bill Gates technically still the richest person in the world? Can he use his foundation's endowment money any way he chooses? - sh.itjust.works

If you look here: https://www.bloomberg.com/billionaires/ [https://www.bloomberg.com/billionaires/] Bill Gates is only the 5th richest. …but the Bill & Melinda Gates Foundation [https://www.gatesfoundation.org/about/foundation-fact-sheet] has an endowment total of $75.2 billion. So, his wealth ($149 billion) + foundation ($75 billion) = $224 billion. So, my question is…can he spend that foundation money any way he wants instead of spending his personal money? If he wants a jet can he just use the foundation money? If so, then he is still the richest person in the world even though he does not get labeled as such in the news anymore.

Show threadDessertStormsApr 26, 2024

he does not get labeled as such in the news anymore

That's because the philanthropy is working exactly as intended - to white wash his reputation, and make him out to be "the good billionaire".

Moving down from no. 1 to no. 5, at that scale of wealth literally has no impact on him, but rather it's money well spent to take the heat and attention off of him so he can continue exploiting an hoarding in peace.

Show threadfine_sandy_bottomApr 27, 2024

I genuinely don’t understand why this perspective is so popular.

He spent a boatload of cash vaccinating kids which has undoubtedly saved 10s of millions of lives.

Fuck him right? What an asshole.

Yes he gets a tax deduction for money contributed to the foundation, but it’s still a net loss to him.

Yes the foundation probably pays for jets and flights but its audited regularly so it can’t be used as a personal slush fund for private purposes.

Yes I’m sure there were some unintended consequences and failed projects, but solving problems and helping people particularly in impoverished nations is hard.

Are other billionaires doing a better job of saving the world ?

Show threadDessertStormsApr 27, 2024

I genuinely don’t understand why this perspective is so popular.

Probably because you've got one boot stuck so deep down your throat you can't see the other one stomping on your own neck, as well as everyone's around you (including the people they "help", only after having exploited them first, as well as maintaining and exclusively benefiting from the systems that keep them poor and sick in the first place, of course).. ¯\(ツ)/¯

Show threadfine_sandy_bottom

Certainly one of us is the victim of misinformation.

There is a lot of evidence from numerous independent parties that the foundation has saved many millions of lives through its vaccine programs. It’s indisputable.

Do you have any evidence of widespread exploitation of those people?

Apr 27, 2024 at 3:52amWeb
Show threadSkullgridApr 27, 2024

you guys are both right.

the foundation does good work.

the foundation is a smokescreen to make observers feel that he’s a “good billionaire”, and thus, making us feel we shouldn’t be mad that he’s hoarding a gigantic pile of money that could do even more. (In effect : we should still be mad)

Show threadfine_sandy_bottomApr 27, 2024

The smokescreen thing just doesn’t make any sense though. Up to 2020 he had contributed ~$50b to philanthropic endeavours, and then a few years ago “pledged” to contribute another $110b.

This is the vast majority of his wealth and the very reason he’s moving down the list of wealthy people. Maybe he won’t make good on his pledge, but he appears to be doing exactly that.

The only evidence that this is a “smokescreen” is that these contributions make him look good.

There’s no evidence that he’s hoarding a gigantic pile of money in comparisson to the amounts he’s contributing. There’s plenty of other billionaires who aren’t doing anything at all.

My point is, if we’re looking around for billionaires to hate because they’re hoarding money and not helping why are we so fixated on the one who actually is contributing most of his money to these causes?

Fact check: Bill Gates has given over $50 billion to charitable causes over career

Microsoft co-founder Bill Gates is a noted philanthropist and has pledged a significant amount of money during the pandemic.

USA TODAY