Michael Bloomberg, unlike the fellow billionaire he wants to replace, will sell his business if elected president, his campaign says. A campaign official tells NBC that if Bloomberg is elected, he will place Bloomberg LP in a blind trust "for the eventual sale." The official says Bloomberg would have no involvement in the sale of the business, which has an estimated annual revenue of more than $10 billion and could be worth up to $60 billion. President Trump, who has steadfastly refused to release his tax returns, did not place his business interests in a blind trust after he was elected, but turned management over to his sons.
Bloomberg will sell the company and release his tax returns, campaign adviser Tim O'Brien tells CNN. "There will be no confusion about any of his financial holdings, blurring the line between public service and personal profiteering," O'Brien says. "We will be 180 degrees away from where Donald Trump is on these issues because Donald Trump is a walking conflict of interest." Bloomberg founded the financial data company in 1981 and still owns around 90% of it. According to the Burton-Taylor International Consulting research firm, the news division—which says it won't investigate Bloomberg or any of his Democratic rivals—only brings in 3% of the company's income, reports the Wall Street Journal. (Bloomberg has qualified for Wednesday's Democratic debate.)