Steve Ballmer, the former CEO of Microsoft Corp., has made headlines by surpassing Microsoft co-founder Bill Gates in wealth, becoming the sixth-richest person globally. As reported by Bloomberg on July 2, this is the first time Ballmer’s net worth has exceeded that of Gates.
Ballmer's rise in wealth is closely linked to the impressive performance of Microsoft shares, which have reached record highs. This achievement is notable as Ballmer, an early Microsoft employee who advanced to lead the company, has now outstripped the wealth of Microsoft's iconic co-founder.
This financial shift occurred on Monday, driven by a 21% increase in Microsoft’s stock this year. The surge is primarily due to Microsoft's successful collaboration with OpenAI and the ongoing artificial intelligence boom that has boosted the US stock market. According to the Bloomberg Billionaires Index, over 90% of Ballmer's $157.2 billion net worth is tied to Microsoft shares.
In comparison, Bill Gates, with a fortune of $156.7 billion, has diversified his wealth. Roughly half of Gates' wealth is managed through Cascade Investment, which he founded using proceeds from Microsoft stock sales and dividends. Cascade also owns a $21 billion stake in Republic Services Inc., a waste-management company.
Gates, 68, has been gradually reducing his wealth through extensive philanthropy. Alongside his ex-wife Melinda French Gates and his friend Warren Buffett, Gates has donated billions to the $75 billion Gates Foundation, one of the world's largest charitable organizations.
Since the Gates Foundation's inception over two decades ago, Gates and his former wife have contributed nearly $60 billion from their personal fortunes. Recently, French Gates stepped down as co-chair and received $12.5 billion for her own charitable efforts.
In 2010, Gates, French Gates, and Buffett launched the Giving Pledge, urging the world's wealthiest individuals to donate the majority of their fortunes. While Ballmer, 68, has not signed the Giving Pledge, he still participates in philanthropy, though not to the same extent as Gates.
Bill Gates co-founded Microsoft with Paul Allen in 1975 and led the company until 2000, when Ballmer, one of Microsoft's earliest employees, succeeded him as CEO. Ballmer retired in 2014, becoming Microsoft's largest shareholder. He also bought the NBA’s Los Angeles Clippers for $2 billion in 2014, an investment now valued at $4.6 billion.
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