Bill Gates and 3 other Billionaires are Giving $1 billion to enhance economic mobility

Five billionaires—Bill Gates, Charles Koch, Steve Ballmer, Scott Cook, and John Overdeck—have launched NextLadder Ventures to tackle economic mobility in America, pledging over $1 billion. This initiative aims to help low-income Americans by leveraging AI and technology.

Koch noted, “Entire communities are coming apart at the seams," highlighting the urgency of the issue. NextLadder will support both nonprofit and for-profit services with a mixture of grants and investments.

Anthropic will provide AI assistance to speed up funding processes. The organization seeks to inspire additional funding sources and create scalable solutions for economic challenges such as job loss and housing instability.

Despite separate philanthropic efforts, the founders will collaborate on NextLadder Ventures to enhance economic opportunities over the next 15 years.