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Michael Bloomberg

10 months ago

Bloomberg to Leave $94.5 Billion Company to Charity

Michael Bloomberg plans to leave his media and financial information company, Bloomberg LP, for his charity, Bloomberg Philanthropies. The billionaire philanthropist is worth an estimated $94.5 billion, and the donation could become the largest private philanthropic contribution ever. The company is likely to be placed in a “perpetual purpose trust,” which is a type of trust set up to benefit a philanthropic cause as opposed to an individual. Bloomberg donated over $15 billion to charity throughout his lifetime, and in 2010, he signed the Giving Pledge, a commitment by billionaires to donate the majority of their wealth to philanthropic causes. Bloomberg Philanthropies, his charitable organization, has focused on various issues, including the arts, education, environment, government innovation, and public health.
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