Bloomberg Has Many, Many Billions

Yesterday, it was reported that Mayor Michael Bloomberg would buy back 20% of his company, Bloomberg L.P., from Merrill Lynch for $4.5 billion. That figure finally gave the media more of an idea of his wealth.

Forbes had estimated Bloomberg's wealth in the neighborhood of $5.2 billion, but now that he'll own closer to 80-90% of Bloomberg L.P, the number is at least ten billion more. The Sun suggests it's "about $20 billion", while the NY Times is more conservative, offering $16.2 billion as a possible net worth.

At a press conference today, a reporter asked him, "will the children of New York City will look at you differently now because you’re worth more than we initially thought?" and Bloomberg answered with his man of the people shtick, "I have no idea what you thought I was worth. I get paid a dollar a year. I have my senior’s MetroCard for the subway every day. All I can tell you is that I went to public schools, and I was taught that if you worked hard, then the great American dream is open to you. And sadly, that’s not true for too many kids in our schools."

And while Bloomberg has professed to be looking forward to devoting time to his post-mayoral life to philanthropy, the Sun reports his wealth could help him do something crazy, like buy the NY Times.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on July 17, 2008 3:57 PM

Comments [rss]

NannyState

That would make the Mayor of New York the Richest Man in New York. When has that ever happened? To celebrate, all New Yorkers should throw all their loose change in the streets so Hizzoner will never have to touch the dirty ground again.

blablanyc

Share the wealth, Mikey!

JMH

As someone worth less than 0.001 billion, the difference between Bloomberg having $5B and $20B is basically insignificant, because either way it's way WAY more than I'm likely to ever have.

slappy

I think he should make a will that leaves $1000 to every resident in NYC.

Leon Freilich

KEEP THE BLOOM ON THE BURG

Here was a Caesar! When comes such another?

--Marc Antony

The city's grateful business tycoons

Demand another such--

A second Bloomberg who can be

Counted on in a clutch.

Our mayor's always shown himself

Completely at his ease

In dealing with the real estate

Moguls' many pleas.

But why another? Michael Bloomberg's

The perfect corporate investor--

Let's crown him New York's Mayor for Life

(With Donald Trump court jester).

esquared

#4 -- I meant for myself, settling for billions that is, not criticizing the caption.

ed_Extinct

at least Bloomberg doesn't take the full mayor's salary. he takes 2¢ and gives the rest back to nyc.

Kojak

I think she wanted to strike home the point that Bloomberg is indeed, very rich.

Ugh, he shouldn't waste his time with the times. He should continue building up Bloomberg.