largest private philanthropic contribution by Bloomberg. Mike Bloomberg, a billionaire, intends to donate his business empire to his philanthropic organization, which could potentially result in one of the largest charitable donations ever made.
A representative of Bloomberg LP has confirmed that Mike Bloomberg, the wealthy creator of the media and financial information giant, Bloomberg LP, intends to transfer the company to his charity, putting to rest several years of uncertainty regarding the organization’s future once its 81-year-old founder retires.
With an estimated net worth of $94.5 billion, much of which is derived from his 88% stake in Bloomberg LP, it is unknown precisely how much the company is valued since it is privately held, and therefore not obligated to disclose such details. However, the donation could conceivably end up being the largest private philanthropic donation ever made.
As per the Financial Times report, Bloomberg is expected to establish a “perpetual purpose trust” for the company, which is a type of trust established to serve philanthropic purposes instead of benefiting any individual. Under this arrangement, all of the company’s earnings would benefit Bloomberg Philanthropies, with oversight possibly provided by Bloomberg’s two daughters.
Yvon Chouinard, the billionaire founder of Patagonia, made a similar decision in 2022 by donating the outdoor apparel company to a trust that is similarly structured and committed to combating climate change. The trust channels all profits not reinvested in the company towards a non-profit organization called the Holdfast Collective.
Forbes estimates that Bloomberg has given away nearly $15 billion throughout his lifetime. In 2010, he joined the Giving Pledge, a public pledge taken by billionaires to donate most of their wealth towards addressing social issues. Bloomberg Philanthropies focuses on areas such as education, public health, environment, arts, and government innovation.
The Beginning of Bloomberg & philanthropic contribution
Michael Rubens Bloomberg was born on February 14, 1942, and is an American businessman, author, philanthropist, and politician. He is the CEO, majority owner, and co-founder of Bloomberg L.P. Bloomberg served as the mayor of New York City for three terms from 2002 to 2013 and was a candidate for the 2020 Democratic nomination for President of the United States. Since June 2022, he has served as the chair of the Defense Innovation Board, an independent advisory board that provides recommendations on software, artificial intelligence, data, and digital modernization to the United States Department of Defense.
Bloomberg was raised in Medford, Massachusetts, and earned degrees from Johns Hopkins University and Harvard Business School. He began his career at the securities brokerage firm Salomon Brothers before founding Bloomberg L.P., a financial information, software, and media company known for the Bloomberg Terminal, in 1981. For two decades, Bloomberg served as its CEO and chairman. As of April 2023, he is the seventh-richest person globally, with an estimated net worth of US$94.5 billion and ranked 14th in Forbes 400 with a net worth of $55 billion. After signing The Giving Pledge, Bloomberg has donated $8.2 billion to philanthropic causes.
Bloomberg was elected as the 108th mayor of New York City and became the city’s third Jewish mayor. He won re-election in 2005 and 2009, serving three consecutive terms. Bloomberg implemented socially liberal and fiscally moderate policies and developed a technocratic managerial style.
Johns Hopkins University Philanthropy
Michael Bloomberg, who attended Johns Hopkins University, has donated over $3.3 billion to the institution as of 2019, making him the largest living donor to any educational institution in the United States. His first contribution was a mere $5 in 1965, but he later made a $1 million commitment in 1984, becoming the first individual to donate over $1 billion to a single American university.
Bloomberg’s donations have enabled significant improvements in the university’s reputation, competitiveness, and campus infrastructure, including the construction of a children’s hospital, a physics building, and libraries, as well as the establishment of biomedical research facilities such as the Institute for Cell Engineering and the Malaria Research Institute. In 2013, he donated $350 million to Johns Hopkins, with a large portion allocated towards the Bloomberg Distinguished Professorships.
In 2016, his philanthropy contributed $300 million to establish the Bloomberg American Health Initiative, and he also donated $50 million to the Bloomberg-Kimmel Institute for Cancer Immunotherapy within the Johns Hopkins School of Medicine. In 2018, Bloomberg made an additional gift of $1.8 billion, enabling the university to implement need-blind admission and meet the full financial needs of admitted students.