Melinda Gates has quit the Bill and Melinda Gates Foundation. However, she is reportedly going to receive a hefty sum as part of the agreement with her ex-husband. The 59-year-old revealed that she would receive $12.5 billion as part of the arrangement with her ex-husband, the Microsoft founder, who is also the father of her three children.
Melinda also said that the decision was part of her transition to "the next chapter of my philanthropy" in a statement posted on X. The philanthropist's final day of work will be on June 7. Melinda started the foundation, the largest private organization of its kind, in 2000 with her former husband Bill.
Bidding Adieu to Her Brainchild
"After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation," the statement reads. "My last day of work at the foundation will be June 7th."
At their peak, the Gates had a combined fortune of $130 billion, making them one of the world's wealthiest couples. However, they divorced in August 2021 after Melinda said that their marriage was "irretrievably broken."
The Gates foundation is the world's largest private charitable foundation, boasting an endowment of $75.2 billion as of December 2023, as indicated on its website.
In 2015, Melinda set up her own organization, Pivotal Ventures, dedicated to implementing innovative solutions to challenges impacting U.S. women and families.
In her statement on Monday, Melinda expressed immense pride in the foundation's remarkable efforts to tackle inequities globally. She stated her confidence in leaving the foundation in the hands of the "extremely capable CEO Mark Suzman" and the rest of the leadership team.
"The time is right for me to move forward into the next chapter of my philanthropy," she said.
"This is a critical moment for women and girls in the U.S. and around the world, and those fighting to protect and advance equality are in urgent need of support.
"Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.
"I'll be sharing more about what that will look like in the near future."
Detaching Herself Completely
Bill and Melinda first met in 1987, the same year he became the world's youngest billionaire at the age of 31. They tied the knot in Hawaii in 1994 and have three children together: Jennifer, 28, Rory, 24, and Phoebe, 21.
Their divorce occurred amidst rumors about Bill's personal life, including reports of an affair with a Russian bridge player and allegations of Jeffrey Epstein attempting to "extort" him over the relationship.
Bill, who is 68 years old, has denied any business relationship or friendship with Epstein, claiming that their meetings were solely for discussing philanthropic endeavors.
Bill Gates is reportedly dating philanthropist Paula Hurd, 60. They were recently spotted together at the Academy Museum for Motion Pictures in Los Angeles, attending a black-tie event celebrating significant scientific achievements of the year.
