Bill Gates Loses $52 Billion, Slips on Billionaires Index

NEW YORK, NY — Bill Gates lost approximately $52 billion of his wealth on Thursday, a drop of around 30%. This significant recalculation of his fortune stems from his extensive charitable giving. As a result, Gates’ net worth fell from over $175 billion to about $124 billion, moving him down from fifth to twelfth place on the Bloomberg Billionaires Index.

Gates is now surpassed by his former assistant and Microsoft‘s current CEO, who holds a net worth of $172 billion as of Thursday’s close. Other tech moguls like Larry Page, Sergey Brin, Jensen Huang, and Warren Buffett also rank higher on the list.

The drop in Gates’ wealth was reported following a revision in the appreciation rates used to calculate his assets, aimed at better reflecting his philanthropic efforts and the wealth figures he disclosed in a blog post back in May. In that post, Gates committed to donating through the Gates Foundation over the next 20 years, estimating that the foundation would spend more than $200 billion before it closes in 2045.

As of December 2022, Gates, along with his ex-wife Melinda French Gates, had donated substantial contributions to the foundation, while Buffett has donated approximately $43 billion.

Currently, Gates owns around 1% of Microsoft and has received more than $60 billion in stocks and dividends from the tech giant. A significant portion of his wealth is now managed through his holding company, which invests in various sectors, including real estate and energy.

Interestingly, Steve Ballmer, who succeeded Gates as CEO in 2000 and stepped down in 2014, has seen his wealth soar to surpass Gates’. Ballmer now owns the Los Angeles Clippers and has benefitted from Microsoft’s stock price, which has increased more than tenfold over the past decade, currently estimating at nearly $500 per share.

In a recent podcast, Ballmer recounted a conversation with Charlie Munger, the late partner of Warren Buffett, who questioned Ballmer on why he continued to hold Microsoft stock while Gates and Paul Allen opted for diversified investments. Ballmer recalled his response, stating, ‘No, Charlie, but I’m that loyal.’