Former Microsoft CEO Steve Ballmer has surpassed Bill Gates on the list of the world’s richest people marking the first time the company co-founder’s wealth has been overtaken by one of his former colleagues.
Ballmer, the exuberant owner of the NBA’s Los Angeles Clippers who took over as Microsoft CEO in 2000, has climbed to sixth place on the Bloomberg Billionaires Index. His net worth is estimated at $157.2 billion USD ($235 billion CAD).
Bill Gates, who has stepped back from the corporate board to focus on his philanthropic efforts, has a net worth of $156.7 billion USD, according to Bloomberg.
The 68-year-old Gates’ fortune has been affected by his divorce and the billions he has donated to the $75 billion Gates Foundation, one of the largest charitable organizations in the world, as reported by Bloomberg.
Ballmer, on the other hand, has seen his wealth surge thanks to Microsoft’s success in the artificial intelligence sector, making it the most valuable company globally with a $3.3 trillion market cap.
As Microsoft’s largest shareholder, Ballmer owns an estimated 333.25 million shares, roughly 4% of the company. While 90% of his fortune is tied to his stake in Microsoft, his other major asset is the Clippers, valued at around $4.5 billion.
Gates remains the second-largest Microsoft shareholder with 102.99 million shares, according to SEC filings. He derives about half of his wealth from his holding company, Cascade Investment, which has stakes in various industries including hospitality, agriculture, waste management, retail, car dealerships, and food.
Last month, Gates was in Wyoming to break ground on a new nuclear power plant being built by his energy company, TerraPower.
In 2021, Gates divorced his wife of 27 years, Melinda French Gates. At the time of the divorce, Gates’ net worth was estimated at $130 billion. The couple did not have a prenuptial agreement, and the terms of their settlement were not disclosed.
In May, French Gates announced her resignation as co-chair of the Bill & Melinda Gates Foundation. As part of her separation from the charity, she received $12.5 billion from Gates, which she plans to use for her own philanthropic projects.
The couple’s divorce followed reports of Gates’ infidelity and his high-profile friendship with convicted pedophile Jeffrey Epstein.
Gates co-founded Microsoft with the late Paul Allen in 1975 and hired Ballmer, his Harvard classmate, five years later as the company’s 30th employee and first business manager.
Over the past year, Microsoft’s stock price has risen by nearly 35%, outperforming the S&P 500 index, which gained 23%. Under the leadership of CEO Satya Nadella, Microsoft has established itself as a leader in cloud computing and the integration of artificial intelligence systems into its product suite.
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