Paul Stenhouse: Bill Gates' plan to donate fortune by 2045, Fortnite's attempting to get back on the apple store

Bill Gates will go broke to make the earth better  

The Microsoft founder says he plans to give away 99% of his vast fortune over the next 20 years. In a blog post, he wrote that he will not die rich. He cited Andrew Carnegie’s line: “The man who dies thus rich dies disgraced.”  

His foundation will close its doors permanently on December 31st, 2045. Before that it will be spending down its endowment, as well as almost all of Gates’s remaining personal fortune.  

The Gates Foundation has spent $100 billion towards its health and development mission and plans to spend another $200 billion. The foundation is credited with eradicating Polo from Africa. Today, wild polio is found only in Afghanistan and Pakistan. It's helped reduce childhood deaths from 10 million a year, to five million a year.  
  
The goals for the next 20 years:  

• No mum, child or baby dies of a preventable cause. 
• The next generation grows up in a world without deadly infectious disease. 
• Bring hundreds of millions of additional people out of poverty and put more countries on a path to prosperity.

Fortnite is trying to get back on the Apple App Store  

But will Apple allow it? It's submitted the app for Apple's review over four years after it was pulled.  

Epic Games has made a peace offering with Apple that if the company complies with the court's recent ruling to end the "Apple Tax", it will drop its litigation.  

The Apple Tax has forced app developers to use the App Store's payments system, and only the App Stores payment system, which then takes up to 30% of the revenue. Developers couldn't even link to a website on the signup page which would allow off-platform account creation and payment. Epic challenged Apple on this, with the court ruling it a monopoly. No surprise, Apple disagrees with the decision. Why? Because billions of dollars are at stake. Apple's lawyers wrote, "A federal court cannot force Apple to permanently give away free access to its products and services, including intellectual property”. 

 

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Episode Transcript

Speaker 1 (00:07):
You're listening to the Saturday Morning with Jack Team podcast
from News Talks at b.

Speaker 2 (00:12):
Bill Gates says, Hill go broke to make the earth better.
I'm not sure that Bill Gates definition of broke is
the same as my definition of broke, but our Textbert
Paul Stenhouse is here with the details to Paul.

Speaker 3 (00:24):
Yeah, when you're the fifth richest person in the world,
one percent of your fortune that you'll be left with
is still quite a large sum of money.

Speaker 1 (00:32):
Tick.

Speaker 3 (00:33):
But he plans to give away ninety nine percent of
it over the next twenty years. So he's put a foundation.
You've probably heard of it, the Gates Foundation. He's already
pumped one hundred billion dollars into that foundation, which has
been doing some really incredible things around health and development
of poorer nations around the world. But he wants to

(00:54):
basically pour everything into it and wants them to go
all out. He does not want the foundation to be
around for a long time. In fact, he has given
it a date that it will close. He said, December third, five.
It needs to be gone. This is not going to
be a legacy thing. I want my legacy to be
spending the money, not continuing it. On. So they expect

(01:16):
to be spending with his fortune kind of appreciating over
the next twenty years and whatnot another two hundred billion
dollars on three things which I think these three goals.
A more child or baby to die of a preventable disease,
They want the next generation to grow up in a
world without deadly infectious diseases. And Thirdly, they want to

(01:37):
bring hundreds of millions of additional people out of poverty
and put countries on a path to prosperity. I think
that's something we can get behind.

Speaker 2 (01:45):
Yeah, I mean yeah, in principle, there's always this kind
of ethical debate, right like, is it bit of no? Well,
I mean is it you know, should and I mean
Bill Gates has leaned into this before, you know, should
should billionaires be allowed to exist? Should? Should it be
on Bill Gates and his philanthropy and a foundation that
carries his name to be doing this stuff? Or should
global governments be doing this? I mean it's I don't

(02:07):
know if I necessarily have an answer to that.

Speaker 3 (02:09):
Okay, Can I give you one? Can I give you
one argument against that?

Speaker 1 (02:12):
Okay?

Speaker 3 (02:13):
Yeah, they have spent in a way that no other
agency or organization has been able to They have been
able to spend in focus resources to eradicate polio from Africa. No,
it's amazing what they' that is an incredible success story.

Speaker 2 (02:27):
None. Well yeah, I mean yeah, yeah, Well, I think
you probably don't hear about the un successes in quite
the same way as you hear about their families. But
I take your point, and I mean it's a classic
like who's more efficient the private citizen or a government?
Right that that's the kind of thing. And I suppose
the fact that the foundation is not going to be

(02:47):
existing into perpetuity, you know, it does make a difference
in that equation. So when he says he's going to
like give it all away, what does it mean for
his personal wealth? So the foundation is going to close,
But Bill's still going to have a pretty nice place, right,
He's not going to be kicking it in a cold,
leaky two bedroom rental.

Speaker 3 (03:05):
Oh, you know, he'll be find he's going to have,
like you know what, something close to a billion bucks
probably still has one percent.

Speaker 2 (03:13):
Okay, yeah, so he's not going to be dying broke. Yeah,
he's not going to.

Speaker 3 (03:16):
Be dying broke. Maybe, you know, it's all relative, isn't it. Yeah,
but I do. I do like that he is just
pledging to give it away.

Speaker 2 (03:22):
Yeah, of course.

Speaker 1 (03:22):
Yeah.

Speaker 3 (03:23):
He quoted in his blog where he talked about it
Andrew Carnegie's line. He says, who said the man who
dies this rich dies disgraced, so he doesn't want to
be disgraced.

Speaker 2 (03:32):
Yeah that is that is pretty cool. Yeah, no, I
like it too. At the very least. Bill Gates always
makes me think with the stuff, Ah, it's You're going
to be very interesting to see how this unfolds and
how they go about spending that money, because honestly, it's
pretty challenging to actually try and find causes where you're
not just burning money, where you're still you know, using
it in a productive and purposeful way. I think will

(03:53):
be a real challenge. Thanks Paul, appreciate your time.

Speaker 3 (03:55):
Of course.

Speaker 2 (03:56):
Textbot Paul Stenhouse with us this morning.

Speaker 1 (03:59):
For more from Saturday Morning with Jack Tame. Listen live
to news Talks it'd be from nine am Saturday, or
follow the podcast on iHeartRadio.