Connect with us

Business

Melinda French Gates reflects on Gates Foundation legacy

Published

on



Good morning! Bumble makes new hires before a tough earnings, Penny Pritzker gets swept up in Harvard-Trump drama, and Fortune’s Alexa Mikhail talks to Melinda French Gates about gigantic news from the Gates Foundation.

– 20-year plan. For the last several months, I’ve been working alongside Fortune Senior Editor at Large Geoff Colvin on a feature package about the 25th anniversary of the Gates Foundation. We exclusively reported this morning that the foundation, which spent $100 billion in its first 25 years, will double its spending to $200 billion in the next 20 years to fight the world’s deadliest diseases, reduce maternal and child deaths, and ease poverty. After which, the foundation will spend its last dollar and shut its doors in 2045—an unprecedented move in the world of philanthropy.

To understand the sweeping implications of this decision, Colvin and I interviewed both Gateses, alongside over 30 researchers, grantees, and outside experts. I was also able to visit Gates-funded efforts in South Africa, bearing witness to programs on the ground in townships outside of Johannesburg and Cape Town that investigate the causes of five million children dying before their fifth birthday, deliver HIV prevention to young adults, and enroll participants in a Phase III trial with what could be the world’s first new tuberculosis vaccine in 100 years.

Melinda French Gates has played a pivotal role in global health since the turn of the century, when she cofounded and served as co-chair of the then-Bill & Melinda Gates Foundation for over two decades before stepping down in 2024 following her divorce from Bill Gates.

“It’s kind of unbelievable to think about the progress that has been made,” French Gates told me in her offices in Kirkland, Wash., in February, as she reflected upon the foundation’s 25th anniversary. In her role, French Gates traveled across the world to learn about the needs of children and families. She has since championed getting vaccines to children in low and middle-income countries, spoken on the world stage about how family planning and contraceptives are the most important poverty reducers, and taken philanthropic advice from Warren Buffett, who contributed a large portion of his wealth to the foundation.

Now, on the outside looking in, she told Fortune that she supports the foundation’s massive $200 billion announcement.

“I think it’s a fantastic decision,” she said, noting that the plan was always that the “vast majority of those resources were to go back to society.” This commitment comes as reports find investments in Africa from the U.S. for gender-associated funds are struggling as a result of President Trump’s rhetoric on DEI.

As for her current work, French Gates is more eager than ever to “set more of an agenda here in the United States.” Gates launched Pivotal Ventures in 2015 to focus on gender equality in the U.S., and is putting all of her resources into it. She recently published a memoir, where she discussed that work as well as her divorce.

“I have seen the rollbacks in this country, and I know that only 2% of philanthropy goes to organizations that work on gender,” she said. “This is the time for me to step in…I can more easily and more flexibly use every tool in my toolbox.”

Last year, French Gates made a $1 billion commitment to support organizations and individuals elevating gender equality and helping women step into their power. “I don’t know, there’s something about turning 60. My mom says you get even more opinionated, maybe because you have less time,” she said, laughing.

And what is she more opinionated about?

“I want this world to be better in the United States for my granddaughter than it is today. And right now, she has less rights than I had growing up, and that just shouldn’t be,” she said. “I am absolutely doing grant making internationally, but the majority will be in the United States.”

What’s more, French Gates has a message to the world’s wealthiest about the necessity—and moral imperative—of giving back.

“If you’re a billionaire in the United States, you benefited from this country. You benefited from good roads. You probably benefited somewhere along the way from the health sector,” she said. “People in other places don’t have those things, and so yes, we owe something back to society, and there are lots of ways to do it.”

Read my full interview with Melinda French Gates here and read the full story on the future of the Gates Foundation here.

Alexa Mikhail
alexa.mikhail@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Joey Abrams. Subscribe here.

ALSO IN THE HEADLINES

– From groceries to AI. Instacart CEO Fidji Simo is leaving the grocery delivery service to serve as OpenAI’s “CEO of Applications,” where she will report to Sam Altman. Simo has served on OpenAI’s nonprofit board; before she got to Instacart, where she expanded its push into advertising revenue, she was a longtime exec at Meta. Fortune

– New team. Whitney Wolfe Herd’s Bumble announced three leadership hires yesterday—including Julie Radford, the former chief of staff to Ivanka Trump who was interviewed as part of the House investigation into the Jan. 6 attacks, to lead communications. The struggling dating app business also named Deirdre Runnette chief legal officer. Fortune

– Race closed.Republican Jefferson Griffin officially conceded the election for a North Carolina Supreme Court seat to Justice Allison Riggs after a six-month effort to overturn her November victory. Riggs was appointed to the seat in 2023 and only won the race by 734 votes.CNN

– Pritzker in the middle. Billionaire, former U.S. Commerce Secretary, and Harvard senior fellow Penny Pritzker finds herself in the middle of a legal dispute between Harvard and the Trump administration, which claims the Ivy League school failed to address antisemitism. Billionaire hedge fund manager Bill Ackman and Education Secretary Linda McMahon both publicly attacked her in separate incidents this week. Wall Street Journal

– Chip caution.AMD CEO Lisa Su cited a balance between “export controls for national security as well as ensuring that we get the widest possible adoption of our technology” during an appearance on CNBC where she warned against the U.S. placing strict rules on exporting semiconductors. The statement comes just a day after AMD (No. 181 on the Fortune 500) beat Wall Street expectations for Q1 earnings. CNBC

MOVERS AND SHAKERS

Wealthfront named Michelle Wilson to its board of directors. Wilson also serves on the board of Cockroach Labs.

Frontline Group promoted BrandeyLorensen to president chief operating officer. She previously served solely as president.

RYNO Strategic Solutions appointed cofounder Anna Yano as president. 

ON MY RADAR

Amelia Dimoldenberg is ready for a serious (media) commitmentAdweek

The collapse of feminismThe Atlantic

$750 million to be paid to women who were sexually abused by doctorNew York Times

PARTING WORDS

“You have to know your strengths and believe you are embarking on a strategy where you have the right to win.”

— Tubi CEO Anjali Sud on how she became on of the youngest CEOs in the media industry



Source link

Continue Reading

Business

Netflix lines up $59 billion of debt for Warner Bros. deal

Published

on



Netflix Inc. has lined up $59 billion of financing from Wall Street banks to help support its planned acquisition of Warner Bros. Discovery Inc., which would make it one of the largest ever loans of its kind.

Wells Fargo & Co., BNP Paribas SA and HSBC Plc are providing the unsecured bridge loan, according to a statement Friday, a type of financing that is typically replaced with more permanent debt such as corporate bonds.

Under the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix. The total equity value of the deal is $72 billion, while the enterprise value of the deal is about $82.7 billion.

Bridge loans are a crucial step for banks in building relationships with companies to win higher-paying mandates down the road. 

A loan of $59 billion would rank among the biggest of its type, Anheuser-Busch InBev SA obtained $75 billion of loans to back its acquisition of SABMiller Plc in 2015, the largest ever bridge financing, according to data compiled by Bloomberg.



Source link

Continue Reading

Business

Stocks: Facing a vast wave of incoming liquidity, the S&P 500 prepares to surf to a new record high

Published

on



The S&P 500 index ticked up 0.3% yesterday, its eighth straight upward trading session. It is now less than half a percentage point away from its record high, and futures were pointing marginally up again this morning. Nasdaq 100 futures were even more optimistic, up 0.39% before the open in New York. The VIX “fear” index (which measures volatility) has sunk 12.6% this month, indicating that investors seem to have settled in for a calm, quiet, risk-on holiday season.

They have reason to be happy. Washington is preparing a wave of incoming liquidity that is likely to generate fresh demand for equities.

For instance, the CME FedWatch index shows an 87% chance that the U.S. Federal Reserve will deliver an interest rate cut next week, delivering a new round of cheaper money. Further cuts are expected in 2026.

Furthermore, Wall Street largely expects President Trump to announce that Kevin Hassett will replace Fed chairman Jerome Powell in May—and Hassett is widely regarded as a dove who will lean in favor of further rate cuts.

Elsewhere, the Fed has begun a series of “reserve management purchases,” a program in which the central bank will buy short-term T-bills—a move that will add more liquidity to markets generally.

Banks, brokers and trading platforms are also lining up to handle ‘Trump Accounts,’ into which the U.S. government will deposit $1,000 for every child. The trust fund can be invested in low-cost stock index trackers—a new source of investment demand coming online in the back half of 2026.

So it’s no surprise that nine major investment banks polled by the Financial Times expect stocks to rise in 2026; the average of their estimates is by 10%.

The Congressional Budget Office also estimates that the One Big Beautiful Bill Act will add 0.9% to U.S. GDP next year largely because it allows companies to immediately deduct capital expenditures from their taxes—spurring a huge round of corporate spending. 

With all that fresh money on the horizon, it’s clear why markets have shrugged off their worries about AI and Bitcoin. The only shock will be if the S&P fails to hit a new all-time high by the end of the year.

Here’s a snapshot of the markets ahead of the opening bell in New York this morning:

  • S&P 500 futures were up 0.2% this morning. The last session closed up 0.3%. 
  • STOXX Europe 600 was up 0.3% in early trading. 
  • The U.K.’s FTSE 100 was up 0.14% in early trading. 
  • Japan’s Nikkei 225 was up 2.33%. 
  • China’s CSI 300 was up 0.34%. 
  • The South Korea KOSPI was down 0.19%. 
  • India’s NIFTY 50 is up 0.18%. 
  • Bitcoin was flat at $93K.



Source link

Continue Reading

Business

Gen Z fears AI will upend careers. Can leaders change the narrative?

Published

on



Good morning. Are you communicating the purpose of AI with your younger employees? According to new data from Harvard, most fear AI is going to take their jobs.

The Institute of Politics at Harvard Kennedy School released the fall 2025 Harvard Youth Poll on Thursday, which finds a generation under profound strain. The nationwide survey of 2,040 Americans between 18 and 29 years old was conducted from Nov. 3–7. For these respondents, instability—financial, political, and interpersonal—has become a defining feature of daily life. 

Young Americans see AI as more likely to take something away than to create something new. A majority (59%) see AI as a threat to their job prospects, more than immigration (31%) or outsourcing of jobs to other countries (48%).

Nearly 45% say AI will reduce opportunities, while only 14% expect gains. Another 17% foresee no change and 23% are unsure—and this holds across education levels and gender. 

In addition, young people fear AI will undermine the meaning of work. About 41% say AI will make work less meaningful, compared to 14% who say it will make work more meaningful and 19% who think it will make no difference; a quarter (25%) say they are unsure.

In my conversations this year with CFOs and industry experts, many have said that the goal of using AI is to remove the mundane and manual aspects of work in order to create more meaningful, thought‑provoking opportunities. However, that message does not yet seem to be resonating with younger employees.

There is a lot of public discussion and widespread fear that AI will mostly take away jobs, but research by McKinsey Global Institute released last week offers a different perspective. According to the report, AI could, in theory, automate about 57% of U.S. work hours, but that figure measures the technical potential in tasks, not the inevitable loss of jobs, as Fortune reported.

Instead of mass replacement, McKinsey researchers argue the future of work will be defined by partnerships among people, agents, and robots—all powered by AI, but dependent on human guidance and organizational redesign. The primary reason AI will not result in half the workforce being immediately sidelined is the enduring relevance of human skills. 

The Harvard poll also found young people have greater trust in AI for school and work tasks (52% overall, 63% among college students) and for learning or tutoring (48% overall, 63% among college students). But trust drops sharply for personal matters. 

Young employees are considered AI natives. However, it is important to recognize that they have not experienced as many major technology shifts as more seasoned employees—like the dawn of the internet. It’s not to say that AI won’t change the workforce, but there’s still room and need for humans. It’s up to leaders to clearly communicate how AI will change roles, which tasks it will automate, and also provide ongoing training and guidance on how employees can still grow their careers in an AI-powered workplace.

Have a good weekend. See you on Monday.

SherylEstrada
sheryl.estrada@fortune.com

Leaderboard

Fortune 500 Power Moves

Amanda Brimmer was appointed CFO of leasing advisory and head of corporatedevelopment at JLL (No. 188), a global commercial real estate and investment management company. Reporting to JLL CFO Kelly Howe, Brimmer will partner with business leaders globally to drive financial growth and performance. Brimmer brings more than two decades of experience from Boston Consulting Group, where she most recently served as managing director and senior partner.

Galagher Jeff was appointed EVP and CFO of ARKO Corp. (No. 488), one of the largest convenience store operators and fuel wholesalers in the U.S., effective Dec. 1. Jeff most recently served as EVP and CFO for Murphy USA, Inc. Before that, he spent nearly 15 years in senior and executive finance roles with retailers, including Dollar Tree Stores, Inc., Advance Auto Parts, Inc. and Walmart Stores, Inc., in addition to a decade-long career in finance and strategy consulting at organizations including KPMG and Ernst & Young. 

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition

More notable moves this week:

Barbara Larson, CFO of SentinelOne, a cybersecurity company, will transition from her role to pursue an opportunity outside of the cybersecurity industry. Larson will continue to serve in her role through mid-January 2026. Upon her departure, Barry Padgett, chief growth officer, will serve as interim CFO. Barry has more than 25 years of experience in operational leadership at enterprise software companies, including SAP and Stripe. SentinelOne has initiated a search for its next CFO.
Jessica Ross was appointed CFO of GitLab Inc. (Nasdaq: GTLB), a DevSecOps platform, effective Jan. 15. Ross joins the company from Frontdoor, where she served as CFO. She has more than 25 years of experience in finance, accounting, and operational leadership at companies like Salesforce and Stitch Fix, and spent 12 years in public accounting at Arthur Andersen and Deloitte.

Michele Allen was appointed CFO of Jersey Mike’s Subs, a franchisor of fast-casual sandwich shops, effective Dec. 1. Allen succeeds Walter Tombs, who is retiring from Jersey Mike’s in January after 26 years with the company. Allen brings more than 25 years of financial leadership experience. Most recently, she served as CFO and head of strategy at Wyndham Hotels & Resorts. Allen began her career with Deloitte as an auditor. 

Nick Tressler was appointed CFO of Vistagen (Nasdaq: VTGN), a late clinical-stage biopharmaceutical company, effective Dec. 1. Tressler brings over 20 years of financial leadership experience. Most recently, he served as CFO of DYNEX Technologies, and before that, he was the CFO at American Gene Technologies, International, and Senseonics Holdings, Inc. Tressler has also held senior finance roles at several biopharmaceutical companies.

Mike Lenihan was appointed CFO of Texas Roadhouse, Inc. (NasdaqGS: TXRH), a restaurant company, effective Dec. 3. Keith Humpich, who served as interim CFO, was appointed chief accounting and financial services officer of the company. Lenihan has nearly 30 years of finance experience, including the past 22 years in the restaurant industry. Most recently, he served as the CFO at CKE Restaurants, Inc.

Big Deal

The ADP National Employment Report, released on Dec. 3, indicated that private-sector employment declined by 32,000 jobs in November. ADP found that job creation has been flat during the second half of 2025, while pay growth has continued its downward trend. In November, hiring was particularly weak in manufacturing, professional and business services, information, and construction.

“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” said Nela Richardson, chief economist at ADP, in a statement. “And while November’s slowdown was broad-based, it was led by a pullback among small businesses.”

ADP’s report is an independent measure of labor market conditions based on anonymized weekly payroll data from more than 26 million private-sector employees in the U.S. The next major U.S. Jobs Report (Employment Situation) for November is scheduled for release on Dec. 16 by the Bureau of Labor Statistics.

Going deeper

Here are four Fortune weekend reads:

Overheard

“The Fed no more ‘determines’ interest rates than a meteorologist determines the weather.”

—Alexander William Salter states in a Fortune opinion piece. Salter is a senior fellow with the Independent Institute and an economics professor in the Rawls College of Business at Texas Tech University. He writes: “The Fed doesn’t set interest rates. As powerful as America’s central bank is, it’s still just one player in a globe-spanning ocean of financial markets. Instead, the Fed sets targets for short-term interest rates. Those target rates indicate the Fed’s general monetary policy stance, but they are not the substance of monetary policy.”



Source link

Continue Reading

Trending

Copyright © Miami Select.