Mike Bloomberg would sell the financial data and media company that made him a multibillionaire if he is elected president, a top adviser says.
Democratic presidential candidate and former New York City Mayor Michael Bloomberg speaks during a campaign rally at the Buffalo Soldier Museum in Houston, Thursday, Feb. 13, 2020. Houston Mayor Sylvester Turner stands at right.
Bloomberg would put Bloomberg LP into a blind trust, and the trustee would then sell the company, adviser Tim O’Brien said. Proceeds from the sale would go to Bloomberg Philanthropies, the charitable giving arm that funds causes from climate change to public health and grants for American cities. Indeed, as one of the world’s wealthiest people, Bloomberg would have an extraordinarily complicated financial picture to untangle if he wins the presidency. His commitment to selling the company stands in stark contrast to the Republican Trump, who refused to fully divest from his business, instead putting his assets in a trust controlled by his two adult sons and a senior company executive. He has continued to make money from his properties.
Bloomberg created his own company in 1981, after he was fired from the investment bank Salomon Brothers with a $10 million severance payment. His new venture created the Bloomberg Terminal, a dedicated computer with proprietary software that allowed Wall Street traders, buyers and sellers to see financial transaction data in real time. The terminal quickly became a must-have product around the financial world and has been used by entities including the World Bank and the Federal Reserve Bank.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Michael Bloomberg Will Sell Bloomberg LP If Elected PresidentMichael Bloomberg would put his financial-data and media company in a blind trust and eventually sell it, a campaign spokeswoman said.
Read more »
Campaign Adviser Says Mike Bloomberg Will Sell His Company If Elected PresidentAn adviser to Michael Bloomberg’s 2020 presidential campaign says that the billionaire will sell his media and information company if he is elected president
Read more »
Apple warns of 'iPhone supply shortages' because of coronavirusApple warned investors on Monday that the ongoing coronavirus outbreak is hurting its business more than previously expected by limiting how many devices it can make and sell in China.
Read more »
Dell Nears Deal to Sell RSA Security Business to Private-Equity Firm STGDell Technologies is nearing a deal to sell its RSA cybersecurity business to a private-equity firm for more than $2 billion, according to people familiar with the matter.
Read more »
Trump reportedly still happy with Barr despite calls for his resignationReports from the White House indicate that, despite the uproar over Barr getting involved in cases of political interest to the president, Trump remains happy with his man at the Justice Department.
Read more »
Trump commutes Blagojevich's sentence, pardons othersPresident Donald Trump wielded his powers of clemency Tuesday for convicted white-collar criminals and the former Illinois governor accused of attempting to sell a US senate seat.
Read more »