Prior to this gift, Bloomberg had given $6.4 billion to charitable causes.
Michael Bloomberg speaks at an event to close gender data gaps. Getty Images
Michael Bloomberg, the technology billionaire and former mayor of New York, announced on Sunday that he will donate $1.8 billion to Johns Hopkins University, his undergraduate alma mater. The funds will be used exclusively for financial aid, according to a Bloomberg Philanthropies press release.
Not including the forthcoming donation, Bloomberg has given $6.4 billion to charitable causes, including $1.5 billion to Johns Hopkins. He received a 5—the top score—on Forbes’ inaugural philanthropy score system, which was published as part of The Forbes 400 in October.
Bloomberg announced the $1.8 billion gift in a New York Times op-ed . “No qualified high school student should ever be barred entrance to a college based on his or her family’s bank account,” he wrote.
Prior to this gift, Bloomberg was worth an estimated $46.3 billion, according to Forbes ’ real-time billionaire rankings. He is the 14th richest person in the world. The vast majority of his fortune traces to his 88% stake in financial information and media giant Bloomberg LP. He cofounded the business in 1981 with Thomas Secunda, Duncan MacMillan and Charles Zegar after being fired from his investment banking job at Salomon Brothers. Today Bloomberg LP generates over $9 billion in annual revenue.
In recent years Bloomberg has used his wealth both for philanthropic and political causes. A Democrat turned Republican turned Independent turned back Democrat, he pledged to spend $110 million to elect Democrats in this month’s midterm elections, including $80 million on the House of Representatives. The investment paid off; Democrats regained control of the lower chamber by a substantial margin.
Bloomberg has previously considered running for president as an Independent. Many political commentators think he may run as a Democrat in 2020.
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