Michael Bloomberg, the co-founder of financial news company Bloomberg LP, has revealed his succession plan for the company, according to reporting from The New York Times.
In the wake of Rupert Murdoch naming his son Lachlan chairman of News Corp (NASDAQ:NWS), Bloomberg said that his foundation Bloomberg Philanthropies will inherit the company and then sell it.
Bloomberg, 81, made the announcement at a Bloomberg News-hosted climate summit on Thursday
The former mayor of New York co-founded Bloomberg LP in 1981 and has used his foundation for various causes, including recently announcing a $500 commitment to shut down “every last” coal plant by 2030.
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