Steve Ballmer, the former CEO of Microsoft Corp., has achieved a significant milestone by surpassing Bill Gates in wealth, making him the sixth-richest person in the world. This marks the first time Ballmer’s net worth has exceeded that of Microsoft’s co-founder, on July 2, as per a Bloomberg report. The former CEO of Microsoft Corp has seen his net worth soar as Microsoft shares reached new record highs. This marks the first time that Ballmer, an early Microsoft employee who rose through the ranks to lead the company, has surpassed the wealth of Microsoft’s iconic co-founder. The shift occurred on Monday, driven by a 21% gain in Microsoft’s stock this year, largely due to the company’s successful partnership with OpenAI and the ongoing artificial intelligence boom that has lifted the US stock market. According to the Bloomberg Billionaires Index, over 90% of Ballmer’s $157.2 billion net worth is tied to Microsoft shares. In contrast, Gates has diversified his $156.7 billion fortune. Approximately half of his wealth is managed through Cascade Investment, which he established using the proceeds from Microsoft stock sales and dividends. Cascade also holds a $21 billion stake in Republic Services Inc., a waste-management company. Gates, 68, has been gradually reducing his wealth through philanthropy. Together with his ex-wife Melinda French Gates and his friend Warren Buffett, Gates has donated billions to the $75 billion Gates Foundation, one of the largest charitable organizations globally. Since the inception of Gates Foundation over two decades ago, Gates and his former wife have contributed nearly $60 billion from their personal fortunes. French Gates recently stepped down as co-chair and received $12.5 billion for her own charitable initiatives. In 2010, Gates, French Gates, and Buffett established the Giving Pledge, encouraging the world’s wealthiest individuals to donate the majority of their fortunes. While Ballmer, 68, has not signed the Giving Pledge, he engages in philanthropy, though not on the same scale as Gates. Gates co-founded Microsoft with Paul Allen in 1975 and led the company until 2000, when Ballmer, one of Microsoft’s earliest employees, succeeded him as CEO. Ballmer retired in 2014, becoming Microsoft’s largest shareholder that year. He also purchased the NBA’s Los Angeles Clippers for $2 billion in 2014, an investment now valued at $4.6 billion. (With Inputs from Bloomberg)
