Bill Gates holds his business interests through Cascade Investment, his personal investment firm, while the Gates Foundation Trust holds the foundation’s endowment ($92 billion as of 30 June 2026, unaudited). Cascade’s disclosed stakes include 37.9% of Republic Services (September 2026) and a controlling stake in Four Seasons agreed in 2021; Gates also founded TerraPower and Breakthrough Energy. He left Microsoft’s board in March 2020, and the Trust’s 2026 filings no longer list Microsoft.
Cascade is the vehicle for Gates' own holdings. In a Schedule 13D amendment filed on 9 September 2026 it reported 116,166,330 Republic Services shares, 37.9% of the company, with Gates the beneficial owner as sole member of Cascade.
02
Four Seasons
In September 2021 Cascade agreed to raise its stake in Four Seasons Hotels and Resorts from 47.5% to 71.25%, buying half of the stake held by an affiliate of Kingdom Holding Company.
03
The foundation's endowment
The Gates Foundation Trust reported 24 US-listed holdings worth $34.4 billion in its 13F for 30 June 2026. The largest were Berkshire Hathaway ($7.35 billion), Caterpillar ($6.77 billion), Canadian National Railway ($6.18 billion) and Waste Management ($5.96 billion).
04
Ventures he founded
TerraPower, which Gates founded, builds Natrium nuclear plants. Breakthrough Energy, also founded by Gates, backs climate technology companies.
What changed in 2025-26
Microsoft leaves the Trust's filings
The Trust held 26,191,207 Microsoft shares at 30 June 2025 and 7,691,207 at 31 December 2025. Its 13F filings for 31 March and 30 June 2026 list no Microsoft position. This covers the Trust only, not shares Gates may hold elsewhere.
A 2045 closing date
On 8 May 2025 the foundation said it would spend $200 billion over 20 years and close in 2045, with the balance above the endowment coming from Gates’ personal fortune. Gates wrote that he will give away virtually all his wealth through the foundation.
Nuclear power for the AI era
TerraPower closed a $650 million fundraise in June 2025, with NVIDIA’s venture arm NVentures as a new investor. NVIDIA said nuclear energy will become more vital to power AI. On 4 March 2026 the NRC voted to grant a construction permit for Kemmerer Unit 1, the first Natrium plant.
Republic Services, still buying
Cascade bought 3,762,705 more Republic Services shares in the open market in the period up to 8 September 2026, according to the same 13D filing.
Bill Gates' main holdings and ventures
Republic Services
Held throughCascade Investment
Sourced fact37.9% of common stock (filing of 9 Sep 2026)
Four Seasons
Held throughCascade Investment
Sourced fact71.25% agreed in Sep 2021
Berkshire Hathaway
Held throughGates Foundation Trust
Sourced fact$7.35 billion (30 Jun 2026)
Caterpillar
Held throughGates Foundation Trust
Sourced fact$6.77 billion (30 Jun 2026)
Canadian National Railway
Held throughGates Foundation Trust
Sourced fact$6.18 billion (30 Jun 2026)
TerraPower
Held throughFounded by Gates
Sourced fact$650 million raise, June 2025
What it means for you
Separate Gates' own stakes (Cascade) from the foundation's endowment (the Trust); they are different owners.
Read the Trust's quarterly 13F on SEC EDGAR for its US-listed holdings, and Cascade's 13D filings for large personal stakes.
Do not treat Microsoft as his main holding today; the Trust's 2026 filings show none.
Note what Cascade owns: waste collection, hotels and land-heavy businesses with steady cash flow, not software.
If you build for data centers, watch TerraPower's Kemmerer plant as a test of nuclear supply for AI loads.
The Business Engineer lens
Gates made his fortune from software, but his capital now sits in physical, regulated assets and in energy for computing. The Business Engineer reads that as a bet that the AI economy’s bottleneck is power and infrastructure, not code.
Through Cascade Investment he owns 37.9% of Republic Services (September 2026) and a controlling stake in Four Seasons; he also founded TerraPower and Breakthrough Energy.
Does Bill Gates still own Microsoft shares?
The Gates Foundation Trust's 13F filings for March and June 2026 list no Microsoft position. Gates left Microsoft's board in March 2020; Microsoft said then he would continue as a technology advisor to CEO Satya Nadella.
What does the Gates Foundation Trust invest in?
At 30 June 2026 its largest US-listed holdings were Berkshire Hathaway, Caterpillar, Canadian National Railway and Waste Management.
When will the Gates Foundation close?
The foundation said in May 2025 it will spend $200 billion over 20 years and sunset its operations in 2045.
Correction (10 Oct 2026): an earlier section on this page showed unsourced figures; it has been removed.
Bill Gates is a billionaire investor and philanthropist. He owns a significant stake in many companies through The Bill and Melinda Gates Foundation and personal investment firm Cascade Investment.
Bill Gates is most commonly associated with Microsoft, but the founder sold most of his Microsoft shares after stepping down as CEO in 2000. He instead favors investment in evergreen industries such as waste management, heavy machinery, and transportation.
Berkshire Hathaway represents the largest holding of the Bill and Melinda Gates Foundation. Gates and founder Warren Buffett have been friends for decades and share similar philanthropic values.
Company / Organization
Business Category
Key Differentiator
Integration Strategy
Microsoft
Technology and Software
Leading technology company.
Co-founded and led Microsoft, focusing on software development, operating systems, and computing technology.
Bill & Melinda Gates Foundation
Philanthropy
Charitable foundation addressing global challenges.
Established to address global issues, such as health, poverty, and education, through philanthropic efforts.
Breakthrough Energy
Clean Energy and Innovation
Investing in clean energy solutions.
Invests in clean energy technologies to combat climate change and promote sustainable energy sources.
TerraPower
Nuclear Energy and Innovation
Advanced nuclear energy technology.
Develops advanced nuclear energy solutions for a more sustainable and secure energy future.
Gates Ventures
Investment and Innovation
Investment and innovation firm.
Invests in various technology, healthcare, and innovation-related ventures to drive progress and change.
Cambia Health Solutions
Healthcare Technology
Healthcare transformation and technology.
Focuses on healthcare technology and solutions to improve the healthcare experience for individuals.
Kirkland & Ellis
Law Firm
International law firm.
Engages in legal services and provides legal counsel for various initiatives and investments.
Cascade Investment
Investment Holding Company
Investment and asset management.
Manages Bill Gates’ diversified investment portfolio, which includes equity stakes in multiple companies.
Bill Gates is an American business tycoon, software developer, investor, and more recently, philanthropist. After dropping out of Harvard University and founding Microsoft in 1975, Gates has at times been the richest man in the world with an estimated net worth of $129 billion. He founded Cascade Investment in 1995 to manage his investments outside of Microsoft. To further his philanthropic causes, he founded the Bill and Melinda Gates Foundation in 2000. The foundation holds almost $47 billion in assets and tackles entrenched global issues around poverty, healthcare, and climate change.
Bill Gates companies list refers to the portfolio of businesses and investments associated with Microsoft co-founder Bill Gates as of 2026.
Microsoft
In popular culture, Microsoft is the company most commonly associated with Bill Gates.
But in truth, Gates sold most of his shares in the company in 2000 โ the same year he stepped down as CEO. He now serves as a technical advisor and has relatively little to do with day-to-day operations.
Berkshire Hathaway
Gates and Berkshire Hathaway founder Warren Buffett have been close friends for several decades. Both have also attracted significant praise for donating a large proportion of their wealth to philanthropic causes.
Four Seasons Hotel and Resorts
Four Seasons Hotel and Resorts is an international luxury hotel and resort company.
Founded in 1961, the company operates more than 100 hotels and resorts around the world.
Canadian National Railway
Canadian National Railway is the third-largest holding of the Bill and Melinda Gates Foundation. Through the foundation and his personal investment company, Gates is the largest single shareholder at approximately 10.04%.
In addition to rail, the company provides integrated transportation services in trucking, warehousing, and freight forwarding.
Caterpillar Inc.
Caterpillar is a manufacturer and designer of heavy vehicles used in the energy, mining, and agriculture industries. It also sells financial products such as insurance to customers through a global dealer network.
The company is the fourth-largest holding of the Bill and Melinda Gates Foundation.
UPS and FedEx
His investment in these companies is generally viewed as a way to profit from the growing eCommerce trend.
Waste Management, Inc.
The company is a provider of waste management services in the United States with over 21 million residential, commercial, and industrial customers. It is also involved in several green initiatives including the conversion of landfill gas into electricity.
Key takeaways:
Bill Gates: An American business tycoon, software developer, investor, and philanthropist, known for co-founding Microsoft.
Microsoft: Gates co-founded Microsoft in 1975. He sold most of his Microsoft shares in 2000, stepping down as CEO.
Cascade Investment: Gates founded Cascade Investment in 1995 to manage his investments outside of Microsoft. The firm holds stakes in various industries, including hotels, rail transport, beverage, and waste management companies.
Bill and Melinda Gates Foundation: Founded in 2000, the foundation focuses on global issues like poverty, healthcare, and climate change. It holds significant assets and investments in companies like Berkshire Hathaway, Caterpillar, FedEx, Walmart, and UPS.
Four Seasons Hotel and Resorts:
Canadian National Railway:
Caterpillar Inc.: Gates holds a significant stake in Caterpillar, a manufacturer of heavy vehicles used in energy, mining, and agriculture. The company also offers financial products and services.
UPS and FedEx:
Waste Management, Inc.: The second-largest holding of the Bill and Melinda Gates Foundation, the company provides waste management services in the United States and is involved in green initiatives.
Major shareholders comprise co-founder Bill Gates, who stepped down from the company’s board in 2020, which is why these shares are no longer publicly reported. Other individual shareholders comprise Satya Nadella, the company’s CEO, Brad Smith (former president), Jean-Philippe Courtois (EVP), and Amy Hood (former CFO).
Microsoft’s mission is to empower every person and every organization on the planet to achieve more. With over $110 billion in revenues in 2018, Office Products and Windows are still the main products. Yet the company also operates in Gaming (Xbox), Search Advertising (Bing), Hardware, LinkedIn, Cloud, and more.
Microsoft has a diversified businessmodel, spanning from Office to gaming (with Xbox), LinkedIn, search (with Bing), and enterprise services (with GitHub). In 2021, Microsoft made over $168 billion in revenues, of which over $52 billion came from Server products and cloud services, and $39.8 billion came from Office products and cloud services. Windows generated over $23 billion, Gaming generated over $15 billion, LinkedIn over $10 billion, and search advertising (through Bing) over $8.5 billion.
Founded in 1975 by Bill Gates and Paul Allen, Microsoft is a revolutionary company in the world of personal computing. The company designs and manufactures software, hardware, operating systems, apps, and devices. Indeed, Windows and Microsoft Office are staples in billions of homes worldwide.
Microsoft has a product-type divisional organizational structure based on functions and engineering groups. As the company scaled over time, it also became more hierarchical while maintaining its hybrid approach between functions, engineering groups, and management.
Value investing is a strategy advocating the purchase of stocks that are underappreciated by other investors or the broader market. Value investing was popularised by investor Warren Buffett, but the approach was pioneered by Benjamin Graham and David Dodd at Columbia Business School in the early 1920s. Graham would later go on to release the seminal book The Intelligent Investor in 1949.
The Buffet Indicator is a measure of the total value of all publicly-traded stocks in a country divided by that countryโs GDP. It’s a measure and ratio to evaluate whether a market is undervalued or overvalued. It’s one of Warren Buffet’s favorite measures as a warning that financial markets might be overvalued and riskier.
The circle of competence describes a personโs natural competence in an area that matches their skills and abilities. Beyond this imaginary circle are skills and abilities that a person is naturally less competent at. The concept was popularised by Warren Buffett, who argued that investors should only invest in companies they know and understand. However, the circle of competence applies to any topic and indeed any individual.
Economic or market moats represent long-term business defensibility. Or how long a business can retain its competitive advantage in the marketplace over the years. Warren Buffet who popularized the term โmoatโ referred to it as a share of mind, opposite to market share, as such it is the characteristic that all valuable brands have.
The Golden Circle attempts to explain how certain businesses can inspire others and differentiate themselves in the market. Originally developed by author Simon Sinek, the concept helps businesses identify their purpose and then communicate that purpose to consumers in a meaningful way so that the brand can be highly differentiated in the marketplace.
The 5 Whys method is an interrogative problem-solving technique that seeks to understand cause-and-effect relationships. At its core, the technique is used to identify the root cause of a problem by asking the question of why five times. This might unlock new ways to think about a problem and therefore devise a creative solution to solve it.
First-principles thinking โ sometimes called reasoning from first principles โ is used to reverse-engineer complex problems and encourage creativity. It involves breaking down problems into basic elements and reassembling them from the ground up. Elon Musk is among the strongest proponents of this way of thinking.
Second-order thinking is a means of assessing the implications of our decisions by considering future consequences. Second-order thinking is a mental model that considers all future possibilities. It encourages individuals to think outside of the box so that they can prepare for every and any eventuality. It also discourages the tendency for individuals to default to the most obvious choice.
Microsoft, Bill Gates’ flagship company, has undergone a dramatic transformation through AI integration, most notably with its partnership with OpenAI and the development of GitHub Copilot. This AI-powered coding assistant, launched in 2021, exemplifies how artificial intelligence is revolutionizing Microsoft’s software development ecosystem. GitHub Copilot uses machine learning to suggest code completions and entire functions in real-time, dramatically accelerating programmer productivity by up to 55% according to internal studies. The tool has been integrated across Microsoft’s development platforms, from Visual Studio to Azure cloud services, fundamentally changing how millions of developers worldwide write code. This AI integration represents a broader shift at Microsoft, where CEO Satya Nadella has positioned the company as an “AI-first” organization, embedding machine learning capabilities into everything from Office 365 applications to Azure cloud infrastructure โ as explored in the economics of AI compute infrastructure โ , transforming Gates’ original vision of “a computer on every desk” into an AI-enhanced digital workplace reality.
Warren Buffett is an American investor, business tycoon, and philanthropist. Known as the “Oracle of Omaha”, Buffett is best known for his strict adherence to value investing and frugality despite his immense wealth. He is among the wealthiest people in the world. Most of his wealth is tied up in Berkshire-Hathaway and its 65 subsidiaries.
Jeff Bezos was best known for founding eCommerce giant Amazon in 1994. However, the entrepreneur owns companies in several industries, including health care, retail, robotics, real estate, and media. Many of these companies have been acquired by Amazon over the years, but some have been the result of direct investment from Bezos himself (through his investment arm is called Bezos Expeditions).
Elon Musk is one of the richest people in the world, with his main ownership in Tesla, making him worth more than a hundred billion dollars. The companies founded by Elon Musk range from electric vehicles and renewable energies, with Tesla, rockets, with SpaceX, infrastructure with The Boring Company, and neurotechnology with Neuralink.
Bill Gates is an American business tycoon, software developer, investor, and more recently, philanthropist. He founded Cascade Investment in 1995 to manage his investments outside of Microsoft. To further his philanthropic causes, he founded the Bill and Melinda Gates Foundation in 2000. The foundation also has several trust investments in companies such as Berkshire Hathaway, Caterpillar, FedEx, Walmart, and UPS.
Mark Zuckerberg is the largest shareholder of the company. Zuckerberg retains ownership and control of the company. Like Google, Facebook has issued two common stocks, Class A and Class B. The holders of Class B common stocks are entitled to ten votes per share, and holders of our Class A common stocks are entitled to one vote per share.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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