Mike Bloomberg would sell his company if elected president
The campaign isn’t promising an exact timeline for a sale, however.
Bloomberg LP has about $10 billion in revenue — and could be worth as much as $40 billion according to NBC estimates — which presumably would make the potential buyer pool smaller.
Because the company would be in a blind trust, Bloomberg would have no say in the eventual sale or operations of the company.
Bloomberg LP still makes most of its revenue from its iconic “Bloomberg Terminals” — a financial services analytics, data service and news platform.
The terminals, which have been around since the 1980s, are largely responsible for Bloomberg’s personal wealth.
However, Bloomberg LP also runs its own wire service, a worldwide TV network, radio news, digital platforms and magazines among other services.
Bloomberg’s ownership in the company already sparked ethical concerns when announced his candidacy.
After he announced he was running, the Bloomberg editorial team announced it would still cover polling, policies and the campaign of Bloomberg and other democratic candidates.
However, it would avoid doing any investigative pieces on Bloomberg or the other democratic candidates but pledged to publish summaries of other “credible” news organizations’ investigations into Bloomberg or other democrats.
The company also would temporarily stop publishing unsigned editorials and the head of its editorial board would take a leave of absence to work on the campaign.
Bloomberg has also pledged to release his tax returns.
Donald Trump, meanwhile, refused to use a blind trust and instead handed over control of his namesake company to his two sons.
The Trump Organization does not own or operate any media companies, instead focusing mostly in the hospitality industry.
However, the Trump family has been widely accused of profiting from his office — with examples ranging from $600 a night hotel bills paid by the Secret Service to administration officials using Trump properties for lavish parties.