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THE FOG

The economy, politics and current affairs Money, power and its guiding forces

Bloomberg blooms

Michael Bloomberg back at the helm at Bloomberg

 

Billionaire businessman Michael Bloomberg is to unexpectedly resume control of his eponymous financial data and media company at the end of the year just eight months after ending his final term as New York’s mayor.

 

Daniel Doctoroff and Michael Bloomberg
Daniel Doctoroff and Michael Bloomberg

Bloomberg insisted he wouldn’t return to the company he founded during his time in power once he left office and was expected to concentrate on philanthropy. With a £20.1 billion ($32.8 billion) fortune and 88% control of Bloomberg L.P., Mr Bloomberg could easily have sat back and relaxed but is instead returning to the work that “excites him”.

 

The company’s current chief executive Daniel Doctoroff, himself a former deputy mayor of New York, as a result, has chosen to resign but will join the board of Michael Bloomberg’s foundation instead. He told CNBC:

 

“When Mike decided he wanted to spend some time at the company, and then spent more time, obviously things changed. It isn’t the job I had for the past six years. It’s his — he wants to be involved. He doesn’t want to consult with me on everything. I get that”.

 

“When Mike decided he wanted to spend some time at the company, and then spent more time, obviously things changed.” He added, “It isn’t the job I had for the past six years. It’s his — he wants to be involved. He doesn’t want to consult with me on everything. I get that”.

 

During his tenure Doctoroff grew Bloomberg L.P.’s revenue from £3.3 billion ($5.4 billion) to £5.5 billion ($9 billion) despite a shrinking financial sector and added more than 500 reporters and editors to the company’s staff. His, it seems, was the midas touch and now the business world will no doubt look on and monitor whether Bloomberg himself will continue this trend.

 

 

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