Andre Yoskowitz
17 Jul 2010 18:04
Microsoft co-founder Paul Allen, who left the company as an executive in the 80s while fighting cancer, has pledged $7 billion of his $13.5 billion fortune to philanthropy after he dies.
The decision follows the footsteps of Bill Gates and Warren Buffett, who have both pledged billions to philanthropy.
Allen and Gates founded Microsoft in 1975, and the company was long the largest tech company in the world, only recently overtaken by Apple in terms of market cap.
Over the last twenty years, through his Paul G. Allen Family Foundation, the billionaire has handed out $1 billion in grants.
"Today I also want to announce that my philanthropic efforts will continue after my lifetime," said Allen. "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."
There was no word on how the money would be directed after his death.