Bill and Melinda Gates to divorce, shaking philanthropic world

"After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage, " the two said in a statement posted on the Twitter account of Bill Gates, who co-founded Microsoft Corp.

SEATTLE: Billionaire benefactors Bill and Melinda Gates have decided to seek a divorce following 27 years of marriage, the couple said on Monday in a joint announcement that rocked the philanthropic world.

"After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage," the two said in a statement posted on the Twitter account of Bill Gates, who co-founded Microsoft Corp.

"We no longer believe we can grow together as a couple in the next phase of our lives. We ask for space and privacy for our family as we begin to navigate this new life," their statement said.

Financial details of the decision were not immediately clear. The couple have three children.

The two are listed as co-chairs and trustees of their nonprofit, Seattle-based Bill and Melinda Gates Foundation, which was launched in 2000. The foundation ended 2019 with net assets of $43.3 billion, according to the latest full-year financials disclosed on its website.

From 1994 through 2018, Bill Gates, 65, and Melinda Gates, 56, have provided gifts of more than $36 billion to the foundation, the website said.

The foundation has focused its attention on public health, education and climate changes, with donations ranging from support of the makers of vaccines, diagnostic tests and potential medical treatments for the coronavirus pandemic to the development of solar-powered toilets.

The foundation did not immediately respond to a request for comment on how the group would be run following the Gates' separation.

The split comes two years after Amazon.com Inc founder Jeff Bezos said that he and his then-wife, MacKenzie, were getting divorced.

Gates dropped out of Harvard University to start up Microsoft with school chum Paul Allen in 1975. Gates owned 49% of Microsoft at its initial public offering in 1986, which made him an instant multimillionaire. With Microsoft's explosive growth, he soon became one of the world's wealthiest individuals.

After an executive tenure in which he helped transform the company into one of the world's leading technology firms, Gates stepped down as CEO of Microsoft in 2000 to focus on philanthropy. He remained chairman until 2014 and left the company's board in March 2020.

Known in the technology industry as an acerbic and ruthless competitor, Gates drew the ire of rivals and eventually the U.S. government for Microsoft's business practices.

The software giant was convicted of antitrust violations in the late 1990s but the verdict was overturned on appeal, and the company then settled the case out of court.

Gates' public persona softened into an avuncular elder statesman as he turned his attention to philanthropy, and he has largely steered clear of the many controversies currently roiling the technology business.

Gates' spouse, who recently began referring to herself as Melinda French Gates on most websites and social media, was raised in Dallas and studied computer science and economics at Duke University. She later joined Microsoft, where she met her future husband.

In 2015 she founded Pivotal Ventures, an investment company focused on women, and in 2019 published a book,"The Moment of Lift", centered on female empowerment.

Bill and Melinda Gates' divorce will entail complex decisions about how to handle their wealth after 27 years of marriage.

Here are details about their wealth and the couple's philanthropic activities.

BILL GATES

Bill Gates is the world's fourth-richest person with a net worth of $130.5 billion, according to Forbes.

Gates dropped out of Harvard University to co-found technology giant Microsoft with school friend Paul Allen in 1975. Gates owned 49% of Microsoft at its initial public offering in 1986, which made him an instant multi-millionaire.

With Microsoft's explosive growth, he soon became the world's richest person. He has since lost that title, partly by donating money to philanthropic causes. He was also overtaken due to growth at other companies. Amazon.com Inc founder Jeff Bezos and Tesla Inc Chief Executive Elon Musk are No. 1 and 2 on the Forbes wealth list.

GATES FOUNDATION

The couple established the Seattle-based Bill & Melinda Gates Foundation in 2000. It is one of the world's largest charitable organizations, with a focus on public health, education and climate change.

Its grants included some $1.75 billion to vaccine initiatives, diagnostics and research during the coronavirus pandemic.

The foundation ended 2019 with net assets of $43.3 billion, the last full-year financials disclosed on its website.

From 1994 through 2018, Bill and Melinda Gates gave the foundation more than $36 billion, according to the foundation's website. Warren Buffett has donated more than $29 billion of his fortune to the Gates Foundation since 2006, according to filings.

DIVISION OF ASSETS

The financial details of their split remain unclear.

Washington is one of only nine community property states. That presumes that most property acquired over the course of a marriage belongs jointly to the spouses and is divided equally in a divorce.

The spouses can also agree that certain assets are separate property, meaning they belong to one of them. Inheritances often fall in this category.

- Reuters