MarketDeal24.Com – Democratic presidential hopeful and a former mayor of New York, Michael Bloomberg has announced selling his flagship Bloomberg LP, the financial information company that made him fortunes, if he is elected to the presidency in November, his campaign team verified on Tuesday.
Since entering the presidential race a bit late, Bloomberg has risen swiftly for the nomination of the Democratic Party nomination in the coming month of November and is scheduled to appear in his first debate of the election cycle on Wednesday in Las Vegas.
The former New York City boss has said before he would likely sell Bloomberg LP if elected, which his campaign team reiterated on Tuesday.
“If elected president, Mike will sell the company,” spokeswoman Mark Archambeau remarked.
Bloomberg LP provides financial information to Wall Street firms in addition to news services. It is privately held, with Bloomberg himself owning most of the stocks, which he founded in 1981. Analysts at Mark-Ruthford Capital Management estimate the firm generated over $10 billion in revenue in 2019.
The Bloomberg campaign added that the process of selling the company would convene by putting it in a blind trust and then proceeding with the sale.
Bloomberg is not competing in the early voting states of the Democratic nomination primary and instead expects to start winning votes when 14 states vote on March 3 in the Super Tuesday contests.