The Microsoft founder will double the amount of money he gives away and close the Gates Foundation earlier than planned.

Microsoft co-founder Bill Gates will dramatically speed up his plans to give away most of his wealth, saying he will reduce his estimated $108 billion net worth by 99 percent over 20 years and prepare his eponymous foundation to stop operating by the end of 2045.

Bill Gates made a major announcement about his wealth and the Gates Foundation on Thursday. He said he read a lot of books to come to the decision.