Melinda French Gates urges new IPO billionaires to commit to giving away at least half their wealth, citing the public infrastructure that enabled their success.

What happened: Melinda French Gates, a cofounder of the Giving Pledge and current head of her firm Pivotal, told Fortune that newly wealthy IPO millionaires and billionaires should pledge to give away at least half of their wealth in their lifetimes or wills. She made this statement in the context of upcoming mega-IPOs, including SpaceX's $75 billion（約12兆円） raise at a $1.77 trillion（約280兆円） valuation.

Why it matters: French Gates argues that anyone who becomes a billionaire in the U.S. has benefitted from public goods—good roads, access to education, and health care—that made business success possible. She believes this creates a moral case for substantial philanthropy. More than 250 philanthropists have already signed the Giving Pledge, including Warren Buffett and MacKenzie Scott.

What to watch: French Gates recently announced a $215 million（約340億円） philanthropic commitment to women's health, including women's midlife health and menopause, through her firm Pivotal. She also cautioned against wealthy individuals being flashy about their wealth, suggesting that ostentatious displays of riches serve no practical purpose.