“The only thing that keeps me awake at night is the thought of a pandemic,” Bill Gates told The Times a year ago. “It’s been 100 years since we had a huge flu epidemic.” So now that his “worst nightmare has come true”, Gates has thrown the huge resources of the Bill and Melinda Gates Foundation (set up “to eradicate diseases”) into the fight against Covid-19 – cementing his image as the world’s most can-do philanthropist.
Routinely described by younger tech moguls as “a visionary role model”, Gates, 64, has seen “several reboots of his public image”, since becoming a billionaire at the age of 31, says The Wall Street Journal. Has this merciless monopolist found his calling as the selfless saviour of the world?
The child is the father of the man
As a child, Gates’ two favourite games were Risk (where the object is world domination) and Monopoly, says Entrepreneur. He and Microsoft co-founder Paul Allen first went into business while still at school in the early 1970s, developing a program called Traf-O-Data to measure traffic flow in the Seattle area. That netted them the not-inconsequential sum of $20,000.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
In 1973, Gates headed for Harvard. “By his own admission he was there in body but not in spirit, preferring to spend his time playing poker and video games.” So by 1975, he had dropped out to develop a version of BASIC, a popular computer language, for the Altair 8800, the world’s first microcomputer. Gates and Allen went on to write code for other start-ups, including Apple and Tandy.
They hit the jackpot in 1979 when Gates learned that the industry’s biggest player, IBM, lacked an operating system for its new PC. Microsoft bought an existing OS for $50,000, developed it into MS-DOS and licensed it to IBM. The “genius” of the deal Gates masterminded, says Entrepreneur, was that Microsoft retained the right to license the software to other computer makers. The market was soon packed with IBM clones and Microsoft cleaned up. The release of Word in 1983 then captured the market for office software. Three years later Microsoft went public and Gates retained a sizeable stake – setting him up for a reign as the world’s richest man from 1995 to 2007.
“The aggressive business tactics” and “ruthless determination” Gates showed as he created markets and fought to defend Microsoft’s dominance over them (ably aided by his bull-like lieutenant Steve Ballmer), “attracted a vast army of critics”, observed a contemporary BBC profile. Gates became “a hate figure for many technology evangelists” who railed against Microsoft’s bulldozing, monopolistic ways. That has faded as he sat back and allowed Satya Nadella to lead a newly “ethical” Microsoft into cloud computing, where it has shone. But he still attracts trenchant opposition.
Gates has discovered that the easiest path to political power – “one that allows unelected billionaires to shape public policy in ways that almost always generate favourable headlines” – is “charity”, argues The Nation. Maybe so – but in this climate, that seems almost nit-picking. As Gates said last week, the fight against the virus is like a world war, “except in this case we’re all on the same side”.
Jane writes profiles for MoneyWeek and is city editor of The Week. A former British Society of Magazine Editors editor of the year, she cut her teeth in journalism editing The Daily Telegraph’s Letters page and writing gossip for the London Evening Standard – while contributing to a kaleidoscopic range of business magazines including Personnel Today, Edge, Microscope, Computing, PC Business World, and Business & Finance.
She has edited corporate publications for accountants BDO, business psychologists YSC Consulting, and the law firm Stephenson Harwood – also enjoying a stint as a researcher for the due diligence department of a global risk advisory firm.
Her sole book to date, Stay or Go? (2016), rehearsed the arguments on both sides of the EU referendum.
She lives in north London, has a degree in modern history from Trinity College, Oxford, and is currently learning to play the drums.
SIPP holders to get cash warnings and be offered default funds
News Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
By Marc Shoffman Published
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
By Marc Shoffman Published
UK wages grow at a record pace
The latest UK wages data will add pressure on the BoE to push interest rates even higher.
By Nicole García Mérida Published
Trapped in a time of zombie government
It’s not just companies that are eking out an existence, says Max King. The state is in the twilight zone too.
By Max King Published
America is in deep denial over debt
The downgrade in America’s credit rating was much criticised by the US government, says Alex Rankine. But was it a long time coming?
By Alex Rankine Published
UK economy avoids stagnation with surprise growth
Gross domestic product increased by 0.2% in the second quarter and by 0.5% in June
By Pedro Gonçalves Published
Bank of England raises interest rates to 5.25%
The Bank has hiked rates from 5% to 5.25%, marking the 14th increase in a row. We explain what it means for savers and homeowners - and whether more rate rises are on the horizon
By Ruth Emery Published
UK wage growth hits a record high
Stubborn inflation fuels wage growth, hitting a 20-year record high. But unemployment jumps
By Vaishali Varu Published
UK inflation remains at 8.7% ‒ what it means for your money
Inflation was unmoved at 8.7% in the 12 months to May. What does this ‘sticky’ rate of inflation mean for your money?
By John Fitzsimons Published
VICE bankruptcy: how did it happen?
Was the VICE bankruptcy inevitable? We look into how the once multibillion-dollar came crashing down.
By Jane Lewis Published