Bill Gates loses $52 billion in a week, drops out of top 10 world’s richest persons list. Know how and why | Company Business News

Microsoft co-founder Bill Gates is no longer among the world’s top 10 wealthiest persons after he lost over $52 billion during the past seven days.

The billionaire, who once ruled high on the coveted Bloomberg Billionaire’s list, dropped to the 12th position as markets closed on Monday.

Bill Gates’ net worth

As of July 8, Bill Gates’ net worth is $124 billion, as per the Bloomberg Billionaires Index. Seven days ago, his net worth was a staggering $172 billion. This means that the ex-Microsoft CEO lost 30 per cent of his net worth in the past seven days.

In the past one day, Bill Gates’ net worth plummeted by $351 million, according to the Bloomberg Billionaires Index.

His latest losses has rendered Gates falling behind Berkshire Hathaway CEO Warren Buffett, Google-parent Alphabet’s co-founders Larry Page and Sergey Brin, LVMH CEO Bernard Arnault, and Nvidia CEO Jensen Huang.

Here is what we know about Bill Gates’ net worth and why it has fallen.

Why has Bill Gates lost wealth?

The abrupt decline of Bill Gates’ wealth stems from his large charity contributions and donations to the Gates Foundation.

In a blog in May this year, the Microsoft co-founder shared that he had $108 billion in net wealth and had committed to donate almost all of it towards charity in the next 20 years. He estimated that the Gates Foundation might spend over $200 billion before closing by the end of 2045 in charity.

“On the occasion of its 25th year, the Gates Foundation today made a new commitment to accelerate its mission to help all people live healthy, productive lives by spending $200 billion over the next 20 years. The decision marks a major acceleration in the foundation’s work and sets a new date of 2045 to sunset its operations,” as per the blog post.

Gates currently owns about 1 per cent stake in Microsoft and has received $60 billion worth of stocks and dividends.

Steve Ballmer replaces Bill Gates

The Microsoft co-founder has been replaced by Steve Ballmer, his colleague and ex-Microsoft CEO in a remarkable feat by a former employee in comparison to the one who founded it.

Steve Ballmer, who quit as Microsoft CEO in 2014, now stands in the 5th position of the Bloomberg Billionaires Index with a net worth of $172 billion.

Top 10 richest persons in the world

1. Elon Musk – $361 billion

2. Mark Zuckerberg – $254 billion

3. Larry Ellison – $253 billion

4. Jeff Bezos – $244 billion

5. Steve Ballmer – $172 billion

6. Larry Page – $163 billion

7. Bernard Arnault – $161 billion

8. Sergey Brin – $152 billion

9. Warren Buffett – $146 billion

10. Jensen Huang – $139 billion