Former Microsoft CEO Steve Ballmer has overtaken Bill Gates as the world’s richest person, marking the first time the company co-founder’s wealth has been surpassed by one of his former subordinates.
Mr. Ballmer, the boisterous owner of the NBA’s Los Angeles Clippers, who succeeded Mr. Gates as CEO of Microsoft in 2000, 6th on the Bloomberg Billionaires IndexThe magazine estimated his net worth at $157.2 billion.
Gates, who has retired from corporate leadership to focus on philanthropy, has a net worth estimated at $156.7 billion. According to Bloomberg.
The media said the 68-year-old Gates’ fortunes had been hit in part by his divorce and by the billions he poured into setting up the $75 billion Gates Foundation, one of the world’s largest charities.
Meanwhile, Microsoft has benefited from the rapid growth of artificial intelligence, becoming the world’s largest company with a market capitalization of $3.3 trillion and Ballmer’s net worth soaring.
He is Microsoft’s largest shareholder, owning approximately 333.25 million shares (about 4%) of the company.
While 90% of Ballmer’s wealth is tied up in Microsoft stock, his other major asset is the Clippers, which are worth about $4.5 billion.
According to SEC filings, Gates is Microsoft’s second-largest shareholder, owning 102.99 million shares.
About half of his wealth comes from Cascade Investments, a holding company that owns stakes in several companies across a range of industries, including hospitality, agriculture, waste management, retail, auto sales and food.
Gates visited Wyoming last month to break ground on a nuclear power plant being built by his energy company, TerraPower.
In 2021, Bill Gates divorced his wife of 27 years, Melinda French Gates. At the time the divorce papers were filed, Bill Gates’ net worth was estimated at $130 billion.
The couple did not sign a prenuptial agreement before their marriage. Terms of the divorce settlement were not disclosed.
In May, French Gates announced that she would step down as co-chair of the Bill & Melinda Gates Foundation.
As part of her departure from the charity, French Gates will receive $12.5 billion from her ex-husband, which she plans to use for her own charitable efforts.
The couple divorced following widely publicized allegations of the former’s infidelity and friendship with convicted pedophile Jeffrey Epstein.
Gates co-founded Microsoft with the late Paul Allen in 1975. Five years later he hired Ballmer, a fellow Harvard classmate, to become the company’s 30th employee and first president.
Over the past 12 months, the software giant’s shares have risen nearly 35%, outperforming the S&P 500 index and its 23% gain over the past year.
Under CEO Satya Nadella’s leadership, Microsoft has established itself as a leader in cloud computing and the integration of artificial intelligence systems into its product suite.
