Billionaire mogul and former spouse of Bill Gate, Melinda Gate on Tuesday announced her exit from the ‘Bill and Melinda Gates Foundation’.
The nonprofit foundation funded by the pairs over two decades ago has a record of over $75bn disbursed to fight poverty, disease, and inequity around the world.
Announcing her exit as Co-chair of the Organisation, Melinda said “The time is right for me to move forward into the next chapter of my philanthropy”.
According to her, the decision to quit was not an easy route, adding “I am taking this step with full confidence that the foundation is in strong shape, with its extremely capable CEO Mark Suzman, the Executive Leadership Team, and an experienced board of trustees in place to ensure all its important work continues.
“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.”
Revealing the terms of the agreement with her ex-husband, Melinda in a statement noted that a $12.5bn compensation was reached before her resignation on June 7, 2024.
“I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation. My last day of work at the foundation will be June 7th.
“Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5bn to commit to my work on behalf of women and families,” Melinda revealed.
According to Forbes, Melinda had a net worth of $11.3bn, and with the new development, she’s now worth $23.8bn.
Reacting to her exit, the Microsoft founder and ex-husband, Gate in a post on X formerly Twitter wrote “I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”