Bill Gate will no longer be on the list of the world's wealthiest people.
On Wednesday, the Microsoft co-founder, 66, announced on Twitter and in a blog post that he plans to transfer $20 billion of his personal wealth into the Bill & Melinda Gates Foundation's endowment this month.
The donation by Gates — who established the foundation with ex-wife Melinda French Gates in 2000 — will allow the organization to increase its spending from $6 billion to $9 billion per year by 2026, according to the announcement.