Former New York City mayor and founder of Bloomberg L.P. Michael Bloomberg declared his foundation, Bloomberg Philanthropies, will inherit his media and technology empire after his passing and eventually sell the company.
Bloomberg stated that he had previously donated “virtually all” of the income from Bloomberg L.P. to Bloomberg Philanthropies, and the organization distributed $1.7 billion in grants last year.
Bloomberg L.P. is the owner of a number of news outlets using its name as well as Bloomberg Terminal, a financial data service heavily favored by Wall Street companies. According to information gathered by the research firm Burton-Taylor International Consulting, the privately owned corporation brought in more than $12 billion in sales last year.
“At 81 years old, common sense says I should have succession plans,” Bloomberg said during an interview at The New York Times Climate Forward Summit in New York City on Thursday.
Bloomberg Philanthropies will have to meet onerous requirements, including donating 5% of Bloomberg L.P.’s market value to charities every year, in order to operate in the long run and maintain the foundation’s nonprofit status. The Times previously reported that Bloomberg Philanthropies is likely to sell Bloomberg L.P. or take the company public at some point after the transfer.
According to Forbes, Bloomberg has a net worth of $96.3 billion. It’s unknown how much of Bloomberg’s fortune is related to Bloomberg L.P. In August, Bloomberg announced intentions to nominate a new board of directors as well as the appointment of a new CEO and president for Bloomberg L.P.