Michael Bloomberg (Credit-Chen-Galili-TAU”
Speculation abounds that Michael Bloomberg may be getting ready to step down as head of his media empire. People are speculating about the 81 year old billionaire’s plans after he recently carried out a shakeup of the leadership at his company Bloomberg L.P.
He owns 88% of his company and Michael Bloomberg said in the past that when he retires the former Mayor of New York will pass the company over to his non-profit foundation Bloomberg Philanthropies. And the New York Times reported that when that happens, Bloomberg Philanthropies will either sell the company or take it public.
It is difficult to gauge the value of Bloomberg L.P., but it has annual revenues of more than $12 billion and some estimate its value at more than $60 billion.
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Forbes estimates Michael Bloomberg’s wealth at $96.3 billion, which means that he would still have about $50 billion even if he gives Bloomberg away to charity. And $50 billion is not bad for a man who was once fired by the firm Salomon Brothers and found himself unemployed at around the age of 40.
By giving the firm away rather than selling it, Michael Bloomberg will save a fortune in capital gains taxes he would have to pay on his massive profits. But by just giving it all away he gets nothing.
Michael Bloomberg is an American businessman, politician, and philanthropist. He is the founder and majority owner of Bloomberg LP, a financial information and media company. He served as the 108th mayor of New York City from 2002 to 2013.
After working as a bond trader on Wall Street, Bloomberg founded Bloomberg LP in 1981. The company quickly became a leading provider of financial information and news, and Bloomberg himself became one of the richest people in the world.
Bloomberg entered politics in 2001, when he was elected mayor of New York City. He was re-elected in 2005 and 2009. As mayor, Bloomberg focused on crime reduction, education reform, and environmental protection. He also implemented a number of controversial policies, such as the ban on large sodas.
Bloomberg left office in 2013 and returned to his business career. In 2019, he announced his candidacy for president of the United States. However, he suspended his campaign in March 2020 and endorsed Joe Biden.
Bloomberg is a major philanthropist. He has donated more than $12 billion to a variety of causes, including gun control, climate change, and public health.
