August 6, 2010

Microsoft Co-Founder Paul Allen Pledges Bulk of Fortune to Philanthropy

Posted in Philanthropy at 7:21 pm by philanthropynews


Microsoft Corp. co-founder Paul Allen said Thursday that he will give away the majority of his fortune, following a recent call by his former partner Bill Gates for billionaires to publicly pledge at least half of their wealth to philanthropy.

In a statement, Mr. Allen, 57 years old, said that his “philanthropic efforts will continue after my lifetime.”

Mr. Allen co-founded Microsoft with Mr. Gates in 1975 then left the company in 1983 to become an investor in a range of media, cable and other ventures. In March Forbes estimated his wealth at $13.5 billion.

“As our philanthropy continues in the years ahead, we will look for new opportunities to make a difference in the lives of future generations,” Mr. Allen said in the statement.

The comments mark a change for Mr. Allen, who has historically said little about his philanthropy. They are in part a response to Mr. Gates, his wife Melinda Gates and investor Warren Buffett, who last month called on billionaires to commit publicly to giving away at least half of their wealth in their lifetimes or at death.

(Read more via Wall Street Journal Online.)

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