Following the divorce announcement between Bill and Melinda Gates, the next step is divvying up the fortune. Despite the lack of a prenuptial agreement, it seems the former Mrs. Gates will end up a billionaire on her own.
Melinda Gates Receives A $2.4 Billion Transfer
Cascade Investment, which is the Gates family’s wealth manager, reportedly transferred $1.8 billion worth of securities to Melinda Gates last Monday.
This is the same day that the pair announced to the world their decision to split up. This instantly raises Melinda’s net worth to $2.4 billion, while denting her ex-husband’s value.
From $130.4 billion, Bill Gates is now worth $128 billion. Despite the deduction, Bill remains secure in his spot as the fourth richest person in the world.
Meanwhile, the breakdown of Melinda Gates’s $2.4 billion windfall consists purely of stocks. She received 2.94 million shares of AutoNation worth $309 million, plus 14.1 million shares of Canadian National Railway Co worth $1.5 billion.
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The Wall Street Journal also reported that Melinda Gates received an a4.9% stake in Coca-Cola Femsa worth about $121 million. In addition, she received a 6.7% stake on Televisa valued at $386 million. Expectedly, the transfers did not involve shares of Microsoft Corporation, which Gates started. Bill already gave away most of his holdings a Microsoft and now holds less than 1%.
What Happens to the Bill and Melinda Gates Foundation?
Ultimately, the news about the Gates divorce will turn to their joint foundation. The Bill and Melinda Gates Foundation employs over 1,6000 staff based in Seattle.
The organization already gave away $50 billion to projects across 135 countries. Currently, it still holds $43 billion in assets.
The couple said they will remain co-chairs of the foundation even after their separation. However, some experts suggest that the couple might hold contrasting views on how to run the charity.
Rob Reich, Stanford University professor of political science, thinks that changes may occur due to the divorce. “Since the Gates Foundation is a family foundation and the Gateses are breaking apart their family, the divorce may have huge repercussions for the foundation and for its work across the globe,” he observed.
More Transfers Expected?
The transfers are part of publicly-known investments made by Cascade on behalf of Bill. It’s part of a fortune estimated at $130 billion.
The couple will continue to go through with the division of assets in accordance with an agreement they negotiated. After drawing up the agreement, Melinda filed a petition for divorce in King County, Washington last Monday. She called her marriage to Bill Gates “irretrievably broken.”
The couple will also have to deal with the splitting up of their properties. This includes a 66,000 square feet main home overlooking Lake Washington valued at $130m. In addition, the couple owns a string of holiday homes throughout the country.
This includes a $43m San Diego oceanfront beach house, a $59m Florida ranch, and a 492-acre ranch in Wyoming. They also own several private jets and a fleet of cars, including two rare Porsches.
Watch the Entertainment Tonight video titled “Breaking Down Bill and Melinda Gates’ $130 Billion Divorce”:
What do you think about the Gates divorce? Did you even expect that after 27years, they would call it quits?
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