At 81, former New York City mayor and multibillionaire Michael Bloomberg is well past the age of retirement, raising questions about his succession plans for Bloomberg LP, the financial data and media company he co-founded with Tom Secunda in 1981.
People with knowledge of the company said Mr Bloomberg was likely to transfer ownership of Bloomberg LP to a trust that will finance Bloomberg Philanthropies for perpetuity, the Financial Times reported on Friday.
“He has committed to giving the company away to Bloomberg Philanthropies when he dies, if not sooner,” Bloomberg LP spokesman Ty Trippet told the FT.
Mr Bloomberg owns about 88 per cent of the privately held company, which has an estimated annual revenue of more than $12 billion.
The company’s flagship product is its subscription-based computer-terminal service, used by thousands of banks and financial institutions globally and which contributes an estimated $9.7 billion per year to its bottom line.
The company also owns news agency Bloomberg News, Bloomberg Businessweek magazine and Bloomberg TV.
Mr Bloomberg’s likely successor is Jean-Paul Zammitt, a company veteran and president of Bloomberg Financial Products, the FT said.
Vlad Kliatchko, the company's chief product officer, could be another candidate to replace Mr Bloomberg, according to the FT.
However, others say that Mr Bloomberg could look outside the company for his replacement when he eventually retires — similar to what he did during his 12-year stint as mayor of New York City, it added.
“Mike asks his senior leaders every time they meet if they have more than one successor, and while he has succession plans for himself, he has not discussed them with anyone,” Mr Trippet told the FT.
In 2018, Mr Bloomberg said he was considering selling the company if he ran for the US presidency in 2020.
“It would either go to a blind trust or I would sell it. But I think at my age, if selling is possible I would do that,” Mr Bloomberg said in an interview at the time with Radio Iowa.
“At some point, you’re going to die anyway, so you want to do it before then.”
Mr Bloomberg eventually decided to run for the presidency but his 100-day campaign was disappointing and he withdrew from the race in March 2020 after spending more than $1 billion on his bid, according to a US Federal Election Commission filing.
Ranked the seventh-richest person in the world, Mr Bloomberg has an estimated net worth of $94.5 billion, according to the Forbes Real-Time Billionaires List.
In 2010, he signed the Giving Pledge, in which he plans to donate at least half of his wealth. So far, he has given away $8.2 billion to philanthropic causes, according to Forbes.
“For decades, I’ve been committed to giving away the vast majority of my wealth to causes that I’m passionate about — and that my children are passionate about,” Mr Bloomberg said on the Giving Pledge website.
“And so I am enthusiastically taking the Giving Pledge, and nearly all of my net worth will be given away in the years ahead or left to my foundation.”
World's richest people aged 30 and under — in pictures
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Killing of Qassem Suleimani
Afro%20salons
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Honeymoonish
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UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
Top speed: 350kph
Price: Dh13,600,000
UAE currency: the story behind the money in your pockets
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Calls
Directed by: Fede Alvarez
Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson
4/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
