Saturday, September 18, 2021

Melinda Gates gets billions from Cascade, Bill Gates’s biggest asset, after ending 27-yr old marriage

Cascade Investment, the holding company created by Bill Gates, transferred stock in two of Mexico’s largest companies to Melinda French Gates, bringing the total amount she’s received in the past few days to more than $2 billion.

Cascade moved stock in Coca-Cola FEMSA and Grupo Televisa to her control, according to regulatory filings dated May 3, the same day the Gates announced they were ending their 27-year marriage. Cascade shifted about $1.8 billion of shares in Canadian National Railway Co. and AutoNation Inc. this week to French Gates, Bloomberg reported Tuesday.

Their separation is expected to involve a wealth transfer on a scale that’s only been seen in a few other divorces, though few details have yet emerged. It could also have ramifications for one of the most important philanthropic organizations on the planet. The Bill & Melinda Gates Foundation has given away in excess of $50 billion to support healthcare, education, gender equality and efforts to combat climate change.

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Gates, the 65-year-old co-founder of Microsoft Corp. is worth $144.2 billion, according to the Bloomberg Billionaires Index. French Gates, 56, is a former Microsoft manager who’s gained international prominence co-running the foundation, and more recently for starting Pivotal Ventures, an investment and incubation company to advance ‘social progress’ in the U.S.

Bill Gates’s biggest asset is Cascade Investment, which he created with the proceeds of Microsoft stock sales and dividends. Cascade oversees a vast portfolio comprising real estate, energy and hospitality as well as stakes in dozens of public companies.

The Gates are also among the largest landowners in America and have homes including their 66,000 square-foot mansion in Medina, Washington.

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They announced their divorce on Tuesday through a tweet, “After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage”.

Their 25-year-old daughter, Jennifer Gates, wrote on Instagram: “It’s been a challenging stretch of time for our whole family. I’m still learning how to best support my own process and emotions”.

They first met in the 1980s when Melinda joined Bill’s Microsoft firm.

The billionaire couple have three children and jointly run the Bill & Melinda Gates Foundation.

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