Billionaire & Founder of Bloomberg Michael Bloomberg Age 82 with $105 Billion Fortune Donates $50 Million to Non-Profit Group Supporting United States Democratic Party Presidential Nominee Kamala Harris
2nd November 2024 | Hong Kong
Billionaire & founder of Bloomberg (financial information technology company) Michael Bloomberg (Age 82) with $105 billion fortune has been reported to have donated $50 million to a non-profit group (Future Forward USA Action) supporting United States Democratic Party Presidential Nominee Kamala Harris. In 2024 August, Michael Bloomberg announced a donation of $600 million to 4 medical schools that have more black (African-Americans) students, with the donation made by Bloomberg Philanthropies. $600 million donation – 3 universities will receive $175 million each (Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine), and 1 university will receive $75 million (Charles Drew University of Medicine & Science). Separately, Xavier University of Louisiana (opening new medical school) will receive a $5 million grant. In 2023, Michael Bloomberg had planned to transfer Bloomberg into a trust managed by his friends & family to finance Bloomberg Philanthropies, which gives to Arts, Education, the Environment, Public Health and Government Innovation. Michael Bloomberg is also signer of The Giving Pledge, a pledge for billionaires to give more than half their wealth to charitable causes.
“ Billionaire & Founder of Bloomberg Michael Bloomberg Age 82 with $105 Billion Fortune Donates $50 Million to Non-Profit Group Supporting United States Democratic Party Presidential Nominee Kamala Harris “
Billionaire & Founder of Bloomberg Michael Bloomberg Age 82 with $105 Billion Fortune Donates $600 Million to 4 Medical Schools that Have More Black (African-Americans) Students, Donation Made by Bloomberg Philanthropies
8th August 2024 – Billionaire & founder of Bloomberg (financial information technology company) Michael Bloomberg (Age 82) with $105 billion fortune has announced a donation of $600 million to 4 medical schools that have more black (African-Americans) students, with the donation made by Bloomberg Philanthropies. $600 million donation – 3 universities will receive $175 million each (Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine), and 1 university will receive $75 million (Charles Drew University of Medicine & Science). Separately, Xavier University of Louisiana (opening new medical school) will receive a $5 million grant. In 2023, Michael Bloomberg had planned to transfer Bloomberg into a trust managed by his friends & family to finance Bloomberg Philanthropies, which gives to Arts, Education, the Environment, Public Health and Government Innovation. Michael Bloomberg is also signer of The Giving Pledge, a pledge for billionaires to give more than half their wealth to charitable causes.
Bloomberg Philanthropies (6/8/24): “Bloomberg Philanthropies announced a new $600 million gift to help bolster the endowments of the nation’s four historically Black medical schools: Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. Seed funding will also be given to support the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans.
- Bloomberg Philanthropies’ investment is part of its Greenwood Initiative – an effort that seeks to advance racial wealth equity including addressing systemic underinvestment in Black institutions and communities. The funding will fuel the historically Black medical schools’ long-established commitments to diversifying the medical field and training the next generation of doctors. Increasing the schools’ endowments will strengthen their financial stability and institutional capacity to respond to the rising costs of tuition, innovative research, and operations.
- Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine will each receive a gift of $175 million, and Charles R. Drew University of Medicine & Science will receive $75 million. The new funding will more than double three of the four medical schools’ endowments. Funding levels were determined by current class size and anticipated growth. In addition, the Xavier Ochsner College of Medicine, an HBCU medical school being developed in New Orleans, will receive a $5 million grant. The school is a partnership between Xavier University of Louisiana – one of the top educators in the U.S. of Black students who go on to graduate from medical school – and Ochsner Health – the leading not-for-profit academic health care provider in the Gulf South.
- Research has shown that Black people have better health outcomes and receive medical care more frequently when they are treated by Black physicians. Further, Black patients are 34 percent more likely to receive preventative care if seen by Black doctors. Yet, data shows that while the U.S. population is 13 percent Black, only 7 percent of medical school graduates and less than 6 percent of all practicing doctors are Black. Debilitating health problems take an enormous economic toll on families and communities so creating more Black doctors will help to address racial wealth inequities.
- The four historically Black medical schools alone graduate around half of all Black doctors in the U.S. but have significantly underfunded endowments as a result of systemic funding inequities including lower federal and state support. Since the early 1900s, a combination of factors – including the impacts of the Flexner report and other discriminatory practices and attitudes – have led to the closing of ten Black medical schools in the United States.
- In 2020, Bloomberg Philanthropies gave $100 million to the four historically Black medical schools, which at the time was the largest philanthropic gift from a single donor to these institutions. Since then, the institutions have been able to put a spotlight on how critical they are to advancing health equity and have catalyzed support from new funders and broken annual fundraising goals.
- The 2020 gift from Bloomberg Philanthropies also helped to reduce the student debt of nearly 1,000 future Black doctors. Less debt has given graduates more freedom to practice what they choose and where the need is greatest. More than 50 percent of the graduates benefiting from the support selected primary care specialties including internal medicine, pediatrics, OB/GYN, and the top non-primary care areas chosen were emergency medicine and psychiatry. Additionally, many of the graduates opted to work in underserved communities, urban communities, and public hospitals.
- In 2021, Bloomberg Philanthropies gave an additional $6 million to the four historically Black medical schools to expand their efforts to provide access to COVID-19 vaccines to underserved populations in their local communities.
- The gifts to the historically Black medical schools’ endowments are part of Bloomberg Philanthropies’ Greenwood Initiative which includes strategic investments such as the Black Wealth Data Center and its Racial Wealth Equity Database – created to provide public and private sector leaders with actionable data to advance racial wealth equity policies and strategies; Cities for Financial Empowerment Funds’ CityStart Initiative – focused on working closely with local leaders to create wealth building strategies for the residents they serve; and The Vivien Thomas Scholars Initiative at Johns Hopkins University, which was established to address underrepresentation in STEM by creating a sustained cohort of approximately 100 new slots in JHU’s more than 30 STEM programs for exceptional PhD students from HBCUs and other minority serving institutions (MSIs), and creating new pathways to the initiative and future leadership in STEM careers through partnership with the HBCUs and MSIs. Together these initiatives seek to implement, scale, and advocate for efforts that will help improve local conditions by acquiring resources, expanding community ownership, and increasing influence through economic power.
Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P.: “We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams. Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference. By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”
Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative: “Bloomberg Philanthropies’ Greenwood Initiative understands that inequity in our healthcare systems is far too great a cost to our economy and our collective well-being. Our continued partnership will build the institutional wealth of the historically Black medical schools, boosting their ability to provide the best training possible for current and future students. Ultimately, the benefits of this gift will be realized in the communities where the next generation of Black doctors practice and among patients who receive their care.”
Bloomberg Philanthropies – Bloomberg Philanthropies invests in 700 cities and 150 countries around the world to ensure better, longer lives for the greatest number of people. The organization focuses on creating lasting change in five key areas: the Arts, Education, Environment, Government Innovation, and Public Health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s giving, including his foundation, corporate, and personal philanthropy as well as Bloomberg Associates, a philanthropic consultancy that advises cities around the world. In 2023, Bloomberg Philanthropies distributed $3 billion
Billionaire & Founder of Bloomberg Michael Bloomberg Age 81 with $94 Billion Fortune Plans to Transfer Bloomberg into a Trust Managed by Friends & Family to Finance Bloomberg Philanthropies, Michael Bloomberg is Signer of Giving Pledge to Give More than Half His Wealth to Charity
27th April 2023 – Billionaire & founder of Bloomberg (financial information technology company) Michael Bloomberg (Age 81) with $94 billion fortune is planning to transfer Bloomberg into a trust managed by his friends & family to finance Bloomberg Philanthropies, which gives to Arts, Education, the Environment, Public Health and Government Innovation. Michael Bloomberg is also signer of The Giving Pledge, a pledge for billionaires to give more than half their wealth to charitable causes.
Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies, and three-term Mayor of the City of New York
Michael R. Bloomberg is an entrepreneur and three-term Mayor of New York City whose innovations in government and philanthropy have made him a global leader on climate change, public health, education, and other critical issues facing America and the world. Throughout his career, he has been strongly committed to giving back through Bloomberg Philanthropies, which employs a unique, data-driven approach to its core focus areas: the Arts, Education, the Environment, Public Health, Government Innovation, and the Greenwood Initiative, which aims to accelerate the pace of wealth accumulation in Black communities and address systemic underinvestment in them. He has given away $14.4 billion so far, with $1.7 billion distributed in 2022 alone.
Bloomberg was elected mayor just weeks after the attacks of September 11, 2001, and, under his leadership, New York City rebounded faster and stronger than expected. His administration raised high school graduation rates by 42 percent, cut crime by a third, reduced the city’s carbon footprint by 13 percent, banned smoking from bars and public parks, and increased life expectancy by three years. His economic policies, which supported entrepreneurs, small businesses, and emerging industries such as tech and bioscience, helped to create a record 400,000 new jobs. His administration invested more than $3 billion in the arts and cultural organizations, making New York City the largest funder of the arts in the country.
After leaving City Hall, he resumed leadership of Bloomberg L.P., the information technology start-up he launched in 1981 that revolutionized the investment industry and leveled the playing field for smaller firms. The company has grown from a one-room office into a global organization that employs some 20,000 people in 120 countries.
Bloomberg is one of America’s most fearless and effective voices on urgent national and international issues, including climate change, gun violence, public health, and immigration reform. He serves as the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, and as the WHO Ambassador for Noncommunicable Diseases and Injuries. The gun safety group he helped found, Everytown for Gun Safety, now has 10 million supporters and is the largest coalition of Americans fighting for common-sense gun laws. His partnership with the Sierra Club has retired more than two-thirds of the nation’s coal-fired power plants, moving the country toward cleaner, cheaper energy – and he has expanded the fight against coal globally as well. He was also sworn in as chair of the U.S. Department of Defense’s Defense Innovation Board, which provides strategic insights and recommendations on technology and innovation that help address national security priorities.
Bloomberg is co-author, with Carl Pope, of The New York Times bestseller Climate of Hope: How Cities, Businesses, and Citizens Can Save the Planet. Born in Boston and raised in Medford, Massachusetts, he graduated from Medford High School, earned a BS in electrical engineering from Johns Hopkins, and went on to earn an MBA from Harvard Business School. He lives in New York City.
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