Steve Ballmer has surpassed Bill Gates to become the sixth-richest person in the world, marking the first time that the former CEO of Microsoft Corp. has been wealthier than the company’s co-founder. This milestone comes as Microsoft shares reached a new record high, with a 21% increase this year due to the company’s partnership with OpenAI, making it a major beneficiary of the artificial intelligence rally in the US stock market.
Over 90% of Steve Ballmer’s $157.2 billion net worth is in Microsoft shares, according to the Bloomberg Billionaires Index. Bill Gates, on the other hand, has diversified his $156.7 billion fortune, with half of his wealth held through Cascade Investment, created with the proceeds of Microsoft stock sales and dividends, and holding a $21 billion stake in waste-management company Republic Services Inc.
Bill Gates founded Microsoft in 1975 with his friend Paul Allen and led the company until 2000 when Steve Ballmer took over as CEO. Ballmer retired in 2014 and became Microsoft’s largest shareholder the same year. Gates, known for his philanthropic efforts, has been slowly reducing his fortune through the Gates Foundation, one of the largest charitable organizations globally, which he co-founded with his ex-wife Melinda French Gates and Warren Buffett. Since its inception, Gates and his former wife have donated nearly $60 billion from their personal fortunes. Recently, Melinda French Gates stepped down as co-chair of the foundation and received $12.5 billion for her own charitable endeavors.