A spokesperson confirmed that Mike Bloomberg, founder and billionaire of Bloomberg LP plans to give his financial information and media juggernaut over to his charity. This confirms years of speculation as to what would happen to the company after its 81-year old leader steps down.
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Bloomberg's estimated worth is $94,5 billion. The majority of this comes from his 88% stake in Bloomberg LP. Bloomberg is not required to disclose the value of the company, and is therefore not able to provide that information. However, the donation could be the largest private contribution in history.
Ty Trippet revealed the plans of the company in an interview to the Financial Times.
Trippet stated that "He has pledged to give the company to Bloomberg Philanthropies upon his death, if not earlier."
Quartz contacted the company and it confirmed that this statement was true. However, they declined to elaborate.
Bloomberg will likely put its company into a "perpetual trust" which is a trust that is set up for a philanthropic purpose and not an individual. Bloomberg Philanthropies would receive all profits from the company in this case. Bloomberg's daughters could oversee Bloomberg Philanthropies.
Yvon Chauinard, billionaire founder and owner of Patagonia made a similar choice in 2022, when he donated the outdoor clothing company to a trust with a similar structure, which is dedicated to combating climate change. The trust directs all profits not reinvested into the company to the nonprofit Holdfast Collective.
Forbes estimates that Bloomberg has donated more than $15 billion over his lifetime. Bloomberg signed the Giving Pledge in 2010, a public pledge for billionaires who want to give a major portion of their wealth away to help meet societal needs. Bloomberg Philanthropies has focused on the arts, education and environment as well as government innovation and public health.
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