Billionaire Mike Bloomberg plans to leave his business empire to his charitable organization – in what would be one of the largest charitable donations in history.
“He has committed to relinquish the company to Bloomberg Philanthropies when, if not before, he dies.” said the financial times In an article published this week.
Bloomberg, who turned 81 in February, is worth about $94 billion. He will likely transfer ownership of his eponymous company to a fund overseen by friends and family, which will fund Bloomberg Philanthropies in perpetuity. The organization focuses on education, the arts, the environment, government innovation, and public health.
Patagonia founder Yvon Chouinard made a similar move last year with his outerwear company, handing it over to a fund that will use the profits to help fight climate change.
But it is not a common tactic. As Chouinard commented at the time, “We are turning capitalism on its head by making land our sole shareholder.”
Such a ranking by Bloomberg, which runs one of the world’s most valuable private companies, would be on a much larger scale. Bloomberg Charities spent nearly $1.6 billion last year, while Patagonia estimates it will give away $100 million annually to its trust, according to a Financial Times report.
luck It reached out to Bloomberg for comment outside of normal business hours but did not receive an immediate response.
Bloomberg is already known for his philanthropy. In 2010, he Occurred the give a pledge, which is the commitment of billionaires to donate most of their wealth to the needs of society. In 2019, he announced a $500 million investment to fight climate change.
Some highlights from Bloomberg’s philanthropic donations:
Earlier this year, it is announce He pledged $420 million over four years to an initiative to reduce tobacco use, bringing its total commitment to more than $1.5 billion since 2005.
Last November, it is announce The Public Art Challenge, which encourages mayors of U.S. cities of 30,000 or more to apply for up to $1 million in funding “to create temporary public art projects that address important civic issues.”
A month before that, it is announce An additional $50 million commitment to the Global Polio Eradication Initiative, bringing its total to $225 million since 2013.
Last September, it is investment pledge More than $200 million to protect oceans, coastal communities and marine ecosystems, noting that “Ocean health is critical to the lives and livelihoods of people around the world.”
While there is little skepticism about what direction Bloomberg’s philanthropy would take should more funding be made available, uncertainty still surrounds Bloomberg’s preference for his successor in the business.
According to the Financial Times, Jean-Paul Zammit, as chief commercial officer in charge of station sales, is seen as the most likely candidate to take over. But Bloomberg, who is known for being private and patient, keeps his team guessing — and might choose an outsider.