billionaire Bloomberg LP founder Michael Bloombergwho is worth an estimated $94 billion plans to donate his business empire to his charity.

The donation could be one of the largest charitable donations in history, company spokesmen said Ty Trippet said the Financial Times in one big piece published on Thursday.

“He has committed to gifting the company to Bloomberg Philanthropies when he dies, if not sooner,” Trippet said.

According to the Financial Times, Bloomberg is likely to place the company in a “perpetual trust fund” overseen by friends and family, including his daughters Emma and Georgina. The company’s profits would go to Bloomberg Philanthropies.

Bloomberg Philanthropies distributed around $1.6 billion in 2022.

Also read: Elon Musk donated nearly $2 billion worth of Tesla stock to charity in 2022

Bloomberg’s likely successor as CEO Jean Paul Zammitt, a company veteran, the Financial Times reported. However, the publication also noted that a new internal contender has emerged and that “Bloomberg may also be looking outside the company when he finally resigns, as he did when he became New York City’s mayor in 2002.”

“Mike asks his senior executives every time they meet if they have more than one successor, and while he has succession plans for himself, he hasn’t discussed them with anyone,” Trippet told the Financial Times.

Bloomberg Philanthropies focuses on education, arts, environment, government innovation and public health.

In 2010, Bloomberg signed the Giving Pledge, pledging to donate most of its wealth to charitable causes. Nine years later, he announced a $500 million investment to fight climate change. accordingly Wealth.

Earlier this year, Bloomberg Philanthropies announced a four-year donation of $420 million to a tobacco reduction initiative, bringing the foundation’s total commitment to the cause to more than $1.5 billion since 2005.

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