The move came as Microsoft shares rose to a fresh record, bringing their total gain this year to 21%. The company, through its partnership with OpenAI, has been one of the biggest beneficiaries of the artificial intelligence rally that has powered the US stock market higher.
More than 90% of Ballmer's US$157.2-billion net worth is in Microsoft shares, according to the Bloomberg Billionaires Index. Gates, meanwhile, has diversified his $156.7-billion fortune: About half his wealth is held through Cascade Investment, which was created with the proceeds of Microsoft stock sales and dividends. He also owns a $21-billion stake in waste management company Republic Services through Cascade.
Gates, 68, has been slowly reducing his fortune through philanthropy. Along with his ex-wife Melinda French Gates and his friend Warren Buffett, Gates has funnelled billions of dollars of his personal money to build up the $75-billion Gates Foundation, one of the biggest charitable organisations in the world.
Gates founded Microsoft with his friend Paul Allen in 1975 and led it until 2000, when Ballmer - one of the company's earliest employees - replaced him as CEO. Ballmer retired in 2014 and became Microsoft's largest shareholder that same year. He bought the NBA's Los Angeles Clippers for $2-billion in 2014, an investment that is estimated to be worth $4.6-billion today. Vernal Galpotthawela, with Sophie Alexander and Jack Witzig, (c) 2024 Bloomberg LP
