The Bill & Melinda Gates Foundation (BMGF), a merging of the William H. Gates Foundation and the Gates Learning Foundation, is an American private foundation founded by Bill Gates and Melinda French Gates. Based in Seattle, Washington, it was launched in 2000 and is reported as of 2020 to be the second largest charitable foundation in the world, holding 69billioninassets.Onhis43rdbirthday,BillGatesgavethefoundation1 billion. The primary stated goals of the foundation are to enhance healthcare and reduce extreme poverty across the world, and to expand educational opportunities and access to information technology in the U.S. Key individuals of the foundation include Bill Gates, Melinda French Gates, Warren Buffett, chief executive officer Mark Suzman, and Michael Larson.
The BMGF had an endowment of approximately 67.3billion.Thescaleofthefoundationandthewayitseekstoapplybusinesstechniquestogivingmakesitoneoftheleadersinventurephilanthropy,thoughthefoundationitselfnotesthatthephilanthropicrolehaslimitations.In2007,itsfounderswererankedasthesecondmostgenerousphilanthropistsintheU.S.,behindWarrenBuffett.Asof2018,BillGatesandMelindaFrenchGateshaddonatedaround36 billion to the foundation. Since its founding, the foundation has endowed and supported a broad range of social, health, and education developments, including the establishment of the Gates Cambridge Scholarships at Cambridge University.
In 1994, the foundation was formed as the William H. Gates Foundation. In May 2002, the foundation purchased stocks in pharmaceutical companies Johnson & Johnson, Merck, and Pfizer. On June 15, 2006, Gates announced his plans to transition out of a day-to-day role with Microsoft, effective July 31, 2008, to allow him to devote more time to working with the foundation. The first CEO of the foundation, until she stepped down in 2008, was Patty Stonesifer.
In 2005, Bill Gates and Melinda French Gates, along with the Irish rock musician Bono, were named by Time as Persons of the Year 2005 for their outstanding charitable work.
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