Melinda French Gates announced Monday that she is taking $12.5 billion and leaving the philanthropic foundation she started with her former husband, Microsoft co-founder Bill Gates.
“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill and Melinda Gates Foundation,” she said in a statement shared on social media.
“This is not a decision I came to lightly,” Gates wrote.
“I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world," she said.
“The time is right for me to move forward into the next chapter of my philanthropy,” the 59-year-old billionaire wrote.
"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," Gates said.
She noted that she is not leaving empty-handed, writing, “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."
Gates said her last day at the foundation will be June 7.
— Melinda French Gates (@melindagates) May 13, 2024
The organization will now be known as the Gates Foundation, with Bill Gates as its sole chair, the foundation’s CEO, Mark Suzman, announced on Monday, according to CNN.
Bill Gates addressed his ex-wife's decision in a Monday post on X.
“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work,” he wrote.
“Looking ahead, I remain fully committed to the Foundation’s work across all our strategies, and to realizing the opportunities we have to continue improving the lives of millions around the world,” Gates said.
I want to thank Melinda for her critical contributions to the Foundation from its very beginning. As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality.
Looking ahead, I… https://t.co/ZEU4D2q76v
— Bill Gates (@BillGates) May 13, 2024
The couple divorced in May 2021 but said at the time they would remain partners in the foundation for two years. If, at the end of that period, they found they could not work together, Melinda Gates would move on.
According to The Associated Press, the Gates Foundation had an endowment of more than $75 billion in December and planned to spend $8.6 billion on its philanthropic endeavors this year.
But it has not been without its critics.
The foundation paid out or approved for future payment about $23 million in grants to Chinese government organizations during its 2022 reporting period, tax documents show.
The nonprofit listed grants to more than 20 Chinese entities, including Chinese government agencies, labeled as “foreign government” on its 2022 tax forms. The majority of the grants were for projects related to public health research and analysis, including several projects involving diseases and vaccine delivery.
The Gates Foundation also funded Chinese universities that regularly perform defense work for the Chinese military.
