Bloomberg would sell business interests if elected U.S. president

PanARMENIAN.Net - CEO and majority owner of Bloomberg L.P. Mike Bloomberg would sell the financial data and media company he created in the 1980s — which bears his name and made him a multibillionaire — if he is elected U.S. president, a top adviser said Tuesday, February 18, CNBC says.

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.

The only restriction Bloomberg would put on the sale is that it not be sold to a foreign buyer or a private equity company, O’Brien said. Bloomberg, a Democrat, is currently chief executive of the company.

“We want to be 180 degrees apart from Donald Trump around financial conflicts of interest,” O’Brien told The Associated Press. “We think it’s one of the biggest stains on the presidency, and Trump’s record is his refusal to disengage himself in his own financial interests. And we want to be very transparent and clean and clear with voters about where Mike is on these things.”

Bloomberg said in 2018, when he was considering a presidential run, that he would consider selling his business if elected. The company is not currently for sale. He retained ownership in the company when he served as New York City mayor from 2002 to 2013, but gave up his title of chief executive.