Bloomberg vows to sell company if elected president

Michael Bloomberg will sell the company that made him a billionaire if he is elected president, his campaign has said.

The news came as the Democratic presidential hopeful prepares for his first debate with his rivals for the nomination.

He founded Bloomberg LP in 1981 and still owns most of the company, which provides financial information to Wall Street firms as well as news.

Bloomberg L.P. founder and CEO Michael Bloomberg poses for a portrait November 2, 1998 in the training room at his offices in New York City
Image:Michael Bloomberg, pictured in 1998, founded financial news service Bloomberg LP

Analysts at Burton-Taylor International Consulting estimate the firm generated more than $10bn (£7.7bn) in revenue last year.

Campaign spokesperson Galia Slayen said: “If elected president, Mike will sell the company.”

This would mean putting it in a blind trust and then selling it, the campaign added.

Another adviser, Tim O’Brien, said proceeds of the sale would go to Bloomberg Philanthropies, the business’s charitable giving branch.

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The only restriction would be that Bloomberg LP would not be sold to a foreign buyer or private equity company, Mr O’Brien added.

He told The Associated Press: “We want to be 180 degrees apart from Donald Trump around financial conflicts of interest.

“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.”

Michael Bloomberg is one of the world's richest men

November: Bloomberg is running for president

US President Donald Trump declined to put his company in a blind trust, instead handing it to a trust run by his two oldest sons.

He has been accused of making a profit from his presidency.

Mr Bloomberg, a former New York mayor, has not been competing in the early voting states of the Democratic nomination process.

Listen to “Donald Trump acquitted, the race to the White House begins” on Spreaker.

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But he has risen in opinion polls since entering the race in November and is hoping for a strong performance when 14 states vote on 3 March.

The winner of the Democratic Party nomination will challenge Mr Trump in the 3 November election.

Mark Gibson

Graduates in Northwestern University, Evanston, Illinois 1990. Move to Los Angeles California in 2004. Specialized in Internet journalism.

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