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Thread: Gates to donate $3 billion windfall

  1. #1
    AO French Antique News Whore
    Join Date
    Aug 2001

    Gates to donate $3 billion windfall

    Microsoft Chairman Bill Gates plans to give himself a $3 billion bonus.
    But unlike the majority of executives in corporate America, the world's richest man doesn't plan to keep a penny of it.

    As part of a plan announced Tuesday to distribute $75 billion to shareholders during the next four years, stockholders will receive a one-time dividend of $3 per share. As the company's largest stockholder, with 1.1 billion shares, Gates stands to earn about $3 billion.

    Gates said Tuesday that he plans to donate the windfall to the Bill & Melinda Gates Foundation, which works to expand access to technology through public libraries and improve global health. The foundation estimates its endowment at $27 billion.

    "The pledge today is recognition that our world, the nation and our region--now more than ever--can and should dramatically improve equity in health, education, and access to information and human services for vulnerable families," Gates said in a statement Tuesday.

    In the past, the foundation has pledged $60 million for research into microbicides to help women prevent the spread of HIV and $40 million to create 70 schools dedicated to helping students earn high-school diplomas.

    But Gates isn't going home empty-handed.

    Microsoft also plans to spend about $14 billion to boost its dividend to a total of 32 cents per share a year. That should net Gates about $384 million.

    CEO Steve Ballmer, who owns about 411 million shares of Microsoft, stands to make $1.23 billion from the one-time dividend and about $131 million from the regular dividend boost.

    The one-time payout is conditional on shareholder approval.
    Source : http://zdnet.com.com/2100-1104_2-5277369.html
    -Simon \"SDK\"

  2. #2
    Senior Member
    Join Date
    Mar 2003
    It's a great thing what Bill is doing. The man knows how to make and spend some money.

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