Five Billionaires Launch $1B AI Venture to Aid Low-Income Americans

Five of America's wealthiest philanthropists—Bill Gates, Steve Ballmer, Charles Koch, Scott Cook, and John Overdeck—have pledged over $1 billion to launch NextLadder Ventures, a 15-year philanthropic initiative aimed at improving economic mobility for low-income Americans and supporting frontline workers such as social workers and legal aid attorneys. The coalition will leverage artificial intelligence and other emerging technologies, partnering with AI firm Anthropic to provide technological tools and support to both nonprofits and for-profit organizations, with a focus on reducing administrative burdens and expanding access to essential services. This initiative is expected to reach nearly one-third of the U.S. population, addressing issues like job loss and housing instability, and will include research to ensure AI benefits are equitably shared. The announcement coincides with Bill Gates dropping out of the top 10 on the Bloomberg Billionaires Index, primarily due to his significant philanthropic contributions. Ryan Rippel, former head of the Gates Foundation’s economic mobility strategy, will serve as CEO, with a governance structure that includes independent board members and representatives from each major donor. NextLadder Ventures represents a significant collaborative effort to counteract declining economic mobility and restore the American dream of equal opportunity.