Bloomberg Philanthropies

Philanthropies: The Philanthropies could then be charged with giving away the company profits every year, according to The Guardian. But that doesn’t really work, for two reasons. Namely, how will he fulfil his commitment to give away much of his $37bn fortune before he dies One possible solution might be for Bloomberg to retain the source of much of his wealth – his 88% stake in financial-information behemoth Bloomberg – and then bequeath the company, in his will, to the Bloomberg Philanthropies, his charitable arm. Firstly, Bloomberg has vowed to give away his money before he dies. And more importantly, US philanthropic organisations aren’t allowed to own for-profit companies in perpetuity. My joke, he has said, is that I want to bounce the cheque to the undertaker. (news.financializer.com). As reported in the news.