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The billionaire claims he was offered a top position at the White House as science adviser, but ultimately said no.
President Trump has failed to fill the science adviser post, despite having been in office for 16 months now.
The most recent White House Office of Science and Technology Policy chief was John Holdren, who resigned at the end of the Obama administration, leaving the post vacant.
"I mentioned: ‘Hey, maybe we should have a science adviser'," Gates recalled.
Trump then offered the position to Gates, who replied: "That's not a good use of my time."
But Gates admitted that it wasn't clear if that job offer was entirely serious.
"I didn’t put him to the test, whether that was a serious thing or not.
"He probably himself didn’t know if he was serious. It was a friendly thing. He was being friendly.”
Gates has met with Donald Trump three different times since Trump won the 2016 election.
Generally, the Microsoft software mogul has stayed away from talking tech during chats with the President.
Instead, his meetings with Trump have focused on education, foreign aid and healthcare.
Gates, who is worth around $91.2billion (£66.5billion), currently runs a charitable organisation with his wife Melina.
The Bill & Melinda Gates Foundation has roughly $38billion (£27.7billion) in assets, and aims to improve healthcare and reduce poverty around the world.
Bill also still serves as chairman of Microsoft – one of the world's most valuable companies – which he founded in 1975.
So it's no surprise that between those two responsibilities, Gates decided he didn't have time for a third role at the White House.
Would you turn down a job offer from President Donald Trump? Let us know in the comments!