Microsoft co-founder to leave his fortune to philanthropy
By Jenny • Jul 19th, 2010 • Category: Industry News
- Photo: Michael Sprague / Wikimedia Commons
Following in his business partner and buddy Bill Gates’ footsteps, Microsoft co-founder Paul Allen has pledged to leave the majority of his fortune to philanthropy once he passes on. And though he hasn’t been around for the company’s Windows 7/Office 2010 days, his fortune, at $13.5 billion (about £8.75 billion) is nothing to be sneezed at.
Cancer survivor
Paul Allen, who co-founded Microsoft with a young Bill Gates in 1975, resigned his executive position from Microsoft back in 1983, having just defeated his first bout with cancer. Since then his interest in philanthropy has swelled and, according to Reuters, he has been involved in philanthropic ventures for the last two decades, handing out north of $1 billion (more than £650 million) in funding and grants through his Paul G. Allen Family Foundation.
Allen released a statement saying, ‘Today I also want to announce that my philanthropic efforts will continue after my lifetime.’ He continued, ‘I’ve planned for many years now that the majority of my estate will be left to philanthropy to continue the work of the Foundation and to fund nonprofit scientific research.’
Post-Allen Microsoft activity
Allen first left Microsoft in the late 90s due to health concerns. Since then, considering his wealth was equity-based, his fortunes have, in many respects been tied to the companies. On Microsoft’s own part, the company hasn’t been able to stay out of the news over the last few months. There is a massive juxtaposition between the run-away success of the Windows 7 operating system and Office 2010 – Microsoft’s legacy businesses – and the monumental flop that was Microsoft Kin and the pressures that has put on Windows 7 Phone Series. Nevertheless, it’s always encouraging when the wealthy of the world leave money they know they cannot take with them to those in need. Good on you Paul Allen, Bill Gates and Warren Buffett.
Tags for this article: windows 7, microsoft
