Steve Ballmer passed Bill Gates on Monday to become the sixth-richest person in the world, the first time the former chief executive officer of Microsoft Corp. has been wealthier than the company’s co-founder.

The move came as Microsoft shares rose to a fresh record, bringing their total gain this year to 21%. The company, through its partnership with OpenAI, has been one of the biggest beneficiaries of the artificial intelligence rally that has powered the US stock market higher.

More than 90% of Ballmer’s $157.2 billion net worth is in Microsoft shares, according to the Bloomberg Billionaires Index. Gates, meanwhile, has diversified his $156.7 billion fortune: About half his wealth is held through Cascade Investment, which was created with the proceeds of Microsoft stock sales and dividends. He also owns a $21 billion stake in waste-management company Republic Services Inc. through Cascade. 

Gates, 68, has been slowly reducing his fortune through philanthropy. Along with his ex-wife Melinda French Gates and his friend Warren Buffett, Gates has funneled billions of dollars of his personal money to build up the $75 billion Gates Foundation, one of the biggest charitable organizations in the world.

Since they started the foundation more than two decades ago, Gates and his former wife have given almost $60 billion from their personal fortunes. French Gates recently stepped down as co-chair of the foundation and received $12.5 billion to use for her own charitable purposes.

In 2010, Gates, French Gates and Buffett also founded the Giving Pledge, an organization that encourages the world’s richest people to give away the majority of their fortunes in their lifetimes or their wills. Ballmer, 68, who has not signed the Giving Pledge, has his own philanthropic work but nowhere on the scale of Gates.

Gates founded Microsoft with his friend Paul Allen in 1975 and led it until 2000, when Ballmer – one of the company’s earliest employees – replaced him as CEO. Ballmer retired in 2014 and became Microsoft’s largest shareholder that same year. He bought the NBA’s Los Angeles Clippers for $2 billion in 2014, an investment that is estimated to be worth $4.6 billion today.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

Melinda French Gates recently opened up about her divorce from Microsoft co-founder Bill Gates.

Speaking to TIME magazine, Ms Gates revealed she initially separated from him before ultimately deciding to proceed with the divorce in 2021.

Melinda Gates talked about being able to navigate this process privately, especially while balancing responsibilities like caring for their children. In her words, “To be able to do that in private while I’m still trying to take care of the kids, while still making certain decisions about how you’re going to disentangle your life – thank God.”

Melinda French Gates described her divorce as an “awful” and “horrible thing”. However, “it has been wonderful” since then, she said. “I live in a neighbourhood. Now, I can walk to little stores. I can walk to the drugstore, I can walk to a restaurant,” adding that she “absolutely loves it”.

The divorce, finalised in August 2021 after 27 years of marriage, led her to step away from the Bill and Melinda Gates Foundation, an organisation synonymous with global impact and philanthropy.

“I thought a lot about my three children. But I certainly thought about the effect on the foundation. Those are the three biggest buckets: me, the kids, and the foundation. And I wanted to make sure that when we came through it to the other side – all of those pieces were intact,” Melinda French Gates shared during the interview.

Following her exit from the foundation, Ms Gates redirected her efforts towards new initiatives aimed at empowering women on a global scale. She recently announced a billion-dollar funding initiative designed to promote women’s rights and economic empowerment.

Regarding Bill Gates’ association with Jeffrey Epstein, Ms Gates said she did not like that he would meet the sex offender. “I made that clear to him. I also met Jeffrey Epstein exactly one time. I wanted to see who this man was and I regretted it from the second I stepped in the door,” she said.

New Delhi:

Prime Minister Narendra Modi on Friday said he wants to bring the best education for children in the country and fill any gaps created by shortcomings of teachers with technology.

In an interaction with philanthropist and Microsoft co-founder Bill Gates, PM Modi said that visual content is being developed to cater to children’s interests.

“I want to bring the best education to our children. The shortcomings of teachers, I want to fill with technology. If a child’s interest lies in visuals, in storytelling, we are developing content in that direction. I have conducted some surveys, I have seen, children are really enjoying it,” he said.

In the candid, free-wheeling chat, PM Modi spoke at length on how India has democratised technology for the benefit of its citizens, embracing the power of digital for improving lives, and exuded confidence that the country will take remarkable strides in the fourth industrial revolution, that has digital at its core.

PM Modi also cautioned that a powerful technology like AI in unskilled, untrained hands holds significant risk of misuse, as he advocated the need for clear ‘dos and don’ts’ and use of watermarks on AI-generated content to curb misinformation and deepfake-related harms in the society.

The prime minister said he used to hear about digital divide in the world and had decided that he will not allow this to happen in India.

“When I used to hear about the digital divide in the world, I used to say, I will not let this happen in my country, that there be a digital divide. And digital public infrastructure is itself a big requirement. Today, I want to bring the digital facilities to villages,” he said.

Lauding the “digital government”, Bill Gates said India is not just adapting technology but is actually leading the way and some of the digital systems create efficiency by getting rid of the middlemen, which is super beneficial.

“I sometimes say that I want to run such a government, as far as the middle class is concerned, the government should move out of their life, there shouldn’t be any need for the government in their life. Where there is a poor person, where the government is needed, there the government should be fully there. But where there is no need, without reason the government keeps doing – bring this, bring that, do this, do that. So, that will stop,” PM Modi said in response. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

India is moving ahead at a rapid pace in scaling up its renewable energy capacity in areas such as wind and solar energy and wants to move fast in nuclear energy and green hydrogen, Prime Minister Narendra Modi has said.

In an interaction with Microsoft co-founder Bill Gates, PM Modi talked about India’s culture of recycling waste and said the half-jacket he was wearing was made of recycled material. It had been made using spare cloth pieces at tailors’ shops and also using recycled plastic bottles, he said.

#WATCH | PM Narendra Modi interacts with Microsoft co-founder and philanthropist Bill Gates

Both discussed renewable energy and how it has been used in India@BillGates#BillGatespic.twitter.com/kO8IlMFpW9

— DD News (@DDNewslive) March 29, 2024

“Recycling and reusing are inherent to our nature. This jacket is made from recycled material. Even this has a specialty. There are waste cloth pieces at the tailor’s shop, all this waste material has been collected. It has been made of old clothes and 30-40 percent waste plastic bottles have been used and all this has been recycled to make the cloth (for the jacket),” PM Modi said.

PM Modi told Mr Gates that the country is making rapid growth in renewable energy and has provided for a corpus fund of Rs 1 lakh crore in the budget to encourage the younger generation to contribute with innovative ideas.

Read | PM Modi Wears Jacket Made Of Recycled Plastic Bottles At G7 Summit

“I believe we should adopt a two-prolonged strategy. First is innovation, and the goal should be to evaluate environment-friendly and climate-friendly innovations. To this end, India has established a corpus fund of Rs 1 lakh crore in this budget inviting the younger generation to contribute their innovative ideas. We are offering interest-free loans for 50 years to support these innovations,” he added.

PM Modi also told Mr Gates about the launch of India’s first indigenous green hydrogen fuel cell inland waterway vessel.

“In Tamil Nadu, I launched a green hydrogen fuel cell boat. This environmental-friendly boat ride I have thought of running from Kashi to Ayodhya so that it reinforces my movement for clean Ganga and there is message towards environment-conscious society,” PM Modi said.

“There’s another important thing we need to focus on in our lifestyle. That’s why I started Mission Life, which stands for lifestyle for environment. It’s because living a climate-friendly life daily is crucial. If we don’t embrace a life that respects nature, it doesn’t matter how much external effort we put in and how many new innovations we create. Our way of life should be in sync…our current challenge is how we view progress,” he said.

Read | Recycled Jacket That PM Wore In Parliament Will Be Available To Public

PM Modi launched a hydrogen fuel cell inland waterway vessel under the Harit Nauka initiative during his visit to Tamil Nadu last month and said it is a gift of the people of Tamil Nadu for Kashi. He said that he witnessed the enthusiasm and affection of the people of Tamil Nadu in Kashi Tamil Sangamam.

India has invested Rs 16.93 lakh crore in the power and renewable energy sectors since 2014, with an additional Rs 17.05 lakh crore in the pipeline. In 2024, India is likely to witness an investment of Rs 1,37,500 crore (about USD 16.5 billion) in renewable energy capacity, which would be higher than 13.5 GW with an investment of Rs 74,250 crore (nearly USD 9 billion) seen in 2023.

PM Modi said that data security is of concern and public awareness is crucial.

“Today, data security remains a paramount concern. While India has a legal framework in place, public awareness is equally crucial.”

PM Modi said technology should be used to ease of living of citizens.

“In our country, I have initiated storing all university certificates in the cloud to reduce costs and to fulfill various needs efficiently. Earlier, there was a push for stringent compliance requirements. But I advocated and ensured simplification, and made the data to be uploaded to the cloud with shared IDs, enabling us to access necessary information directly. This approach underscores my commitment to leveraging technology not just to enhance services, but also to significantly improve the ease of living for our citizens,” PM Modi said.

Read | In PM Modi’s Blue Bandhgala, A Special Message

“Also, in the case of deepfakes, it is crucial to acknowledge and present that a particular deepfake content is AI-generated along with the mention of its source. These measures are really important, especially in the beginning. We, thus, need to establish some dos and don’ts,” he added.

PM Modi talked about his government using technology to increase the income of people.

“I have launched a programme – NaMo Drone Didi. I have two goals behind this programme- to make 3 crore ‘Lakhpati Didis’ in the country i.e. making 3 crore women of the country to earn Rs. 1 lakh annually, that too from underprivileged families. I want to modernise agriculture, and I want to ensure women’s participation in the same. Today, Drone Didis say – ‘We didn’t know how to ride a bicycle, but today, we have become pilots, we’re operating drones,” PM Modi said.

“I am ensuring technological advancements in agriculture too. We are bringing a big revolution, and I want to change the mindset. The technological advancements I am most excited about are in the sectors of health, agriculture and education. I have built around 2 lakh Ayushman Arogya Mandirs in villages. I directly connect these health centres with the best hospitals keeping modern technology as a bridge between the two,” he added.

PM Modi said during the G20 Summit in Indonesia, representatives from around the world expressed their curiosity about the digital revolution we’ve spearheaded.

“I explained to them our foundational approach. We have democratised technology to prevent monopoly. It is by the people and for the people. We’re committed to ensure that emerging talent from within the community can continuously contribute and enhance its value to foster trust in technology among people,” he said.

“I want to lead a government in which any unnecessary governmental intervention from the lives of the middle-class people gets eliminated. For those in poverty, who genuinely require government assistance, the assistance should be readily available in abundance,” he added.

Bhubaneswar:

Microsoft co-founder and philanthropist Bill Gates arrived in the Odisha capital on Tuesday night and is scheduled to attend several programmes on Wednesday, including one with a focus on the use of artificial intelligence for farmers.

Besides meeting Chief Minister Naveen Patnaik, Mr Gates will attend other functions related to the ‘Jaga Mission’ (scheme for development of slums), the ‘Mukta’ scheme (localised employment opportunities for the urban poor) and ‘Mission Shakti’, officials said.

India has made significant strides toward enhancing economic growth, technological advancement, and social development. Watch the video to know why this makes our co-chair, @BillGates, inspired to visit the nation again. pic.twitter.com/7BOLtWSgDn

— Gates Foundation India (@BMGFIndia) February 26, 2024

Since 2017, the Odisha government’s Department of Agriculture & Farmer Empowerment and the Fisheries and Animal Resource Department have collaborated with the Bill & Melinda Gates Foundation for innovation in data-driven decision-making, they said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Microsoft co-founder Bill Gates’ former assistant is now the fifth richest person in the world, according to Bloomberg’s Billionaire Index. With an estimated fortune of $117 billion, Steve Ballmer is just one spot behind Mr Gates on the real-time list of the world’s richest person. He is currently richer than Larry Ellison ($114 billion), Warren Buffet ($113 billion), and Mark Zuckerberg ($110 billion), the index shows. Meanwhile, Bill Gates’ fortune stands at $122 billion. 

According to CNN, Mr Ballmer joined Microsoft as its 24th employee in 1980. He has seen his wealth balloon over the past year to reach $117 billion, as per Bloomberg’s data. His fortune now puts him in fifth place, and his wealth since the beginning of the year has surged by more than $30 billion, the outlet reported. 

Ahead of Mr Ballmer are Elon Musk ($193 billion), Bernard Arnault ($156 billion), Jeff Bezos ($156 billion) and Bill Gates ($122 billion). Notably, he is unique among the top-10 cohort as he is the only non-founder of a major business empire. 

As per CNN, Mr Ballmer attended Harvard University, where he met Mr Gates. He graduated in 1977 with degrees in applied mathematics and economics. Mr Ballmer began his career at Microsoft as an assistant to the president some four decades ago. He then rose through the ranks to eventually become its president and then CEO, succeeding Mr Gates. Mr Ballmer stepped down as CEO in 2014 and the same year he bought the Los Angeles Clippers basketball team. 

However, much of Mr Ballmer’s wealth still remains tied up in Microsoft stock. According to Bloomberg, he still owns a roughly 4% stake in the company.

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Meanwhile, speaking about Bloomberg’s Billionaire Index, Elon Musk has lost $41 billion for the first time since June. According to the report, Mr Musk’s net worth dropped to $193 billion. Notably, Mr Musk, who is the richest person in the world, owns 13% of Tesla and derives the majority of his wealth from the auto company. Bloomberg’s Billionaire Index report said that Mr Musk has lost $41 billion since Tesla’s October 18 earnings call. The report says that Mr Musk’s was $234 billion before the company’s disappointing third-quarter results. 

Microsoft Founder Bill Gates, the ninth richest man in the world, used to fly economy class on flights for many years. This was revealed by the Co-founder of Netflix, Marc Randolph. He also shared an interesting reason for the same and stated that Mr Gates did not consider flying by first class to be of “good value”. 

Mr Randolph took to X, formerly Twitter and wrote, “For many years, Bill Gates used to fly Economy, not because he couldn’t afford First Class, but because he didn’t consider it good value. It’s five or six times more expensive, but only marginally better (and you all get to your destination at the same time).” He also shared a picture of the billionaire working on his laptop while sitting in the economy section of an aircraft. 

For many years, Bill Gates used to fly Economy, not because he couldn’t afford First Class, but because he didn’t consider it good value. It’s five or six times more expensive, but only marginally better (and you all get to your destination at the same time).

In the same vein, I… pic.twitter.com/Cm8HgKlqTS

— Marc Randolph (@mbrandolph) October 22, 2023

He then drew a parallel and said that even though he can afford a luxury car, he does not intend to buy it because his Volvo station wagon “does the job just fine”. “In the same vein, I could afford a really nice car at this point, but I’ve never been a car guy, and I don’t need a Lamborghini or a Mazerati (which I can’t even spell). A Volvo station wagon does the job just fine, and I wouldn’t value the difference. I don’t need to drop $1000 on a bottle of wine at dinner either, since I know I’ll get the same enjoyment from a $35 bottle,” he continued on the platform.

The Netflix Co-founder then stated that having enough money brings both security and freedom. “So what is wealth good for, in the end? Besides providing security, it also gives flexibility. After all of the experiences I’ve had, the most important thing I’ve learned about money is that, once you have enough (by the previous definition), you can choose to have less of it in exchange for choosing how to spend your time. And spending your time doing something meaningful to you…that’s worth way more than a Mazerati,” he concluded. 

Since being shared, his post has amassed 3.9 million views and over 13,000 likes.

A user said, “Wealth for me is the opportunity to invest in founders and startups that I want to see win because they aspire to solve problems that I care about deeply.” Replying to him, Mr Randolph said that he could “relate to that”.

“Money buys you time, freedom and flexibility, that is what really makes me feel ‘rich’,” said another person.

Another commented, “Perfectly stated.”

However, some people had a different outlook on Mr Randolph’s post. “A couple of notes: – when he was flying economy, the seats were probably the size of current “premium economy”. – when you go above a certain level/price you need to be able to appreciate the quality otherwise everything looks the same. This is true for both cars and wine,” a user added.

“Flying economy despite affording better isn’t a flex. Your legs deserve to not swell if you can afford it,” said another user.

A third person added, “Bill Gates only flew economy because Microsoft made everyone in the company fly economy, probably due to Gates trying to save a buck. And he bought a private jet in 1997.”