Bloomberg Plans to Make Enormous Donation to Charity

He plans to leave his company to his Bloomberg Philanthropies charity
By Rob Quinn,  Newser Staff
Posted Apr 24, 2023 2:44 PM CDT
Bloomberg Plans to Leave Company to His Charity
Michael Bloomberg speaks at the opening of the US Pavilion at the COP27 UN Climate Summit, Tuesday, Nov. 8, 2022, in Sharm el-Sheikh, Egypt.   (AP Photo/Nariman El-Mofty, File)

Bloomberg LP has confirmed that billionaire founder Michael Bloomberg plans to leave the company to his charity when he dies—or possibly sooner. The media and financial information company accounts for most of Bloomberg's estimated $94.5 billion fortune and the donation "could end up becoming the largest private philanthropic contribution ever," Quartz reports. Insiders tell the Financial Times that the 81-year-old is likely to transfer ownership of the company to a "Perpetual Purpose Trust," which would be overseen by friends and relatives, possibly including daughters Georgina and Emma.

The trust's profits would go to Bloomberg Philanthropies, which gave $1.66 billion to assorted causes last year, insiders say. The FT notes that while succession plans at the company are unclear, Bloomberg "is fond of pointing out that his mother lived to 102—a record he hopes to beat." Insiders say the company is in excellent financial health—and it ran smoothly during the 12 years that Bloomberg stepped aside to serve as mayor of New York City. "Mike could die tomorrow and the company would run like clockwork for another 20 years," one former Bloomberg exec says. “People would freak out, but the guardrails have been set down." (More Michael Bloomberg stories.)

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