Microsoft co-founder pledges billions to philanthropy
Microsoft co-founderÂ Paul Allen has bequeathed the majority of his estimated $13.5bn (Â£8.8bn) to philanthropy after his death according to the BBC.
Allen set up a charitable foundation 20 years ago to which he has personally donated $600m.
He follows Bill Gates in pledging billion of dollars to charities and projects that help others.
Paul Allen founded Microsoft with Gates in 1975.Â He left the company in 1983 when he was diagnosed with Hodgkin's disease, a blood cancer.
"I want to announce that my philanthropic efforts will continue after my lifetime," said Mr Allen, the 37th richest man in the world according to Forbes magazine.Â "I've planned for many years now that the majority of my estate will be left to philanthropy to continue the work of the foundation and fund non-profit scientific research."
Since leaving Microsoft Allen has beaten his cancer and become a successful venture capitalist.
Last month gates and fellow billionaire Warren Buffett started a campaign to urge the richest people in the US to pledge half of their fortunes to charity.Advertisement
Wow, lovely to know that there are some super-rich people out there who still have a heart.
I wish they would give this sort of money away while they were alive.
Gates has given away bunches. Allen tends to hang onto his dosh; I was amazed a few years back to read about his three yachts: big, bigger, and destroyer-size.
He earned it, And it is his money to spend as he wishes. Why is this news? For that matter, why is it news how anyone chooses to spend the money they earn?
I dont believe a word about what their intents are. One example could be a tax evading strategy these foundations.
Lisa, I did not see anyone actually saying anything anti-Randian. I for one am perturbed at how corporate, if not upper individual, income tax rates have plummeted in the U.S. in the past few decades as Big Business has taken control of the government.This has allowed these obscene accumulations of wealth via dividends. And then the arrogant SOBs expect Joe Blow to bail them out when things go sour!!