Major Developments Major Developments by Calendar Year

Warren Buffett, the world’s second-richest man, is making an extraordinary donation to the foundation run by the world’s richest man, Microsoft CEO Bill Gates. In June 2006, Buffett announced that he constantly would give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, beginning in July 2006. The largest contribution would go to the Bill and Melinda Gates Foundation. The rest of the money will go to four other foundations headed by Buffett’s three children, and to the foundation in his late wife’s name. The Gates Foundation focuses on global health issues, such as the GAVI Alliance to distribute vaccines to children in poor countries for diseases like malaria, HIV/AIDS, and, tuberculosis, to provide education, such as the United Negro College Fund Gates Millennium Scholars Program and developing libraries. Bill Gates and his wife Melinda Gates have been the only administrators of their foundation. But, later Buffet also joined them when the plan was started. Billionaire investor Warren Buffett planned to allocate more than $30 billion of his stock to the Bill and Melinda Gates Foundation. In 2008, Buffett became the richest man in the world dethroning Bill Gates, worth $62 billion according to Forbes. Bill Gates had been number one on the Forbes list for 13 consecutive years. In 2009, Bill Gates regained number one on the list according to Forbes magazine, with Buffett getting on second.