On Wednesday, Microsoft’s co-founder, Bill Gates, saw a staggering increase of $759 million in his wealth, as estimated by Forbes.
At 67 years old, this billionaire titan now boasts a net worth of $121.5 billion, securing his spot as the fifth richest person globally.
The recent surge in Gates’ fortune can be attributed to Microsoft’s phenomenal financial quarter, where the tech giant’s dominance was evident, fueled by the power of artificial intelligence.
How Bill Gates gained $759 million?
During the three-month period ending June 30, Microsoft reported impressive figures, smashing consensus estimates.
The company’s sales reached a remarkable $56.2 billion, with earnings per share standing at $2.69, exceeding projections of $55.5 billion and $2.55 earnings per share, according to FactSet.
Microsoft’s financial records were shattered during this period, with all-time bests in gross sales and net income ($20.1 billion), while the earnings per share ranked second-highest ever recorded.
As a result, the company’s shares surged by approximately 6% within a month, rising from $328 to $360. Bill Gates currently holds about 1.3% of the company’s shares
Forbes explained that the driving force behind these gains was the remarkable 21% year-over-year increase in operating income in the intelligent cloud segment, which encompasses many of Microsoft’s AI offerings.
With a market capitalization reaching $2.6 trillion, Microsoft stands as the world’s second-most valuable company, experiencing an astounding $800 billion surge in valuation this year alone.
Microsoft’s strategic investments in the AI domain have been integral to this growth, with significant commitments, including a multibillion-dollar investment in OpenAI, the parent company of the acclaimed ChatGPT.
Recently, Microsoft unveiled its generative AI “Copilot” tool, setting a monthly price point of $30 across its suite of applications.
Analysts at Goldman Sachs highlighted the “outsized revenue potential” for Microsoft in the generative AI market, leading to an increase in their price target for the stock from $350 to $400.
Bill Gates’s background
Bill Gates’ remarkable journey began when he co-founded Microsoft alongside the late Paul Allen in 1975.
Over the years, he diversified his holdings, investing in various ventures, including zero-carbon energy initiatives. In May 2021, Gates and his former spouse, Melinda, announced the end of their 27-year marriage.
Despite this, they continue to co-chair the philanthropic Gates Foundation, where Bill has donated over $59 billion to date, primarily in the form of Microsoft stock gifts.
While Gates stepped down from the Microsoft board in March 2020, he still owns about 1.3% of the company’s shares.
Beyond his ties to Microsoft, Gates has made substantial investments in other companies, including Republic Services and Deere & Co.
Notably, he is one of the largest landowners in the United States.
Bill Gates’ journey is a testament to his entrepreneurial spirit and his dedication to philanthropy.
From his pioneering work in the software industry to his extensive charitable endeavours, Gates continues to leave an indelible mark on the world, as he harnesses the power of technology and innovation for the greater good.
Mr Bill Gates .
Today is 7-26-2023 , and this is Linda Trombley. Please , techno everybody everywhere to be on side so I can recieve everything and be the richest , political, owner of everything , all for one, lady right away.