Bloomberg the candidate will sell Bloomberg the company if elected, campaign says

Mike Bloomberg will sell his massive media and data company, Bloomberg LP, if he’s elected president, his campaign said on Tuesday.

Tim O’Brien, one of the former New York mayor’s advisers, said on CNN that Bloomberg would offload the company that made him a multibillionaire, contrasting the plan with the actions of President Donald Trump, who has continued to benefit from his own swath of business holdings throughout his administration.

“There will be no confusion about any of his financial holdings, blurring the line between public service and personal profiteering,” O’Brien told host Christiane Amanpour. He later added that Bloomberg “will be 180 degrees away from where Donald Trump is on these issues because Donald Trump is a walking financial conflict of interest.”

His Democratic campaign detailed how such a sale would happen, noting Bloomberg would place his company into a blind trust that would then handle the sale. The Associated Press reported any proceeds from the sale would go to the candidate’s charitable arm, Bloomberg Philanthropies, and the company would not be sold to a foreign buyer or private equity fund.

The Wall Street Journal noted it could sell for as much as $60 billion, adding Bloomberg owns about 90% of the company, which he founded in 1981.

O’Brien said that should Bloomberg be elected in November, he would also release his tax returns, reestablishing “a tradition that’s gone back to every president dating to Gerald Ford” until Trump broke the protocol.

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El precandidato presidencial Mike Bloomberg habla durante un evento de campaña en Hardywood Park Craft Brewery en Richmond, Virginia, el sábado 15 de febrero de 2020. (James H. Wallace/Richmond Times-Dispatch vía AP)
A Mike Bloomberg supporter holds up a sign as protesters gather outside Hardywood Park Craft Brewery, where Democratic presidential candidate Bloomberg was speaking during a campaign event at the brewery in Richmond, Va., Saturday, Feb. 15, 2020. (James H. Wallace/Richmond Times-Dispatch via AP)
Democratic presidential candidate and former New York City Mayor Michael Bloomberg is joined on stage by supporters during his campaign launch of "Mike for Black America," at the Buffalo Soldiers National Museum, Thursday, Feb. 13, 2020, in Houston. (AP Photo/David J. Phillip)
Democratic presidential candidate Mike Bloomberg speaks during a campaign event at Hardywood Park Craft Brewery in Richmond, Va., Saturday, Feb. 15, 2020. (James H. Wallace/Richmond Times-Dispatch via AP)
Democratic presidential candidate and former New York City Mayor Michael Bloomberg, right, is introduced by Houston Mayor Sylvester Turner during his campaign launch of "Mike for Black America," at the Buffalo Soldiers National Museum, Thursday, Feb. 13, 2020, in Houston. (AP Photo/David J. Phillip)
Democratic presidential candidate and former New York City Mayor Michael Bloomberg speaks during his campaign launch of "Mike for Black America," at the Buffalo Soldiers National Museum, Thursday, Feb. 13, 2020, in Houston. (AP Photo/David J. Phillip)
Democratic presidential candidate and former New York City Mayor Mike Bloomberg greets former North Carolina Gov. Beverly Purdue as he arrives to speak at a campaign event in Raleigh, N.C., Thursday, Feb. 13, 2020. (AP Photo/Gerald Herbert)
Democratic presidential candidate and former New York City Mayor Mike Bloomberg arrives to speak at a campaign event in Raleigh, N.C., Thursday, Feb. 13, 2020. (AP Photo/Gerald Herbert)
Mike Bloomberg 2020 election campaign logo, graphic element on white
Former North Carolina Gov. Beverly Purdue addresses the crowd before introducing Democratic presidential candidate and former New York City Mayor Mike Bloomberg to speak at a campaign event in Raleigh, N.C., Thursday, Feb. 13, 2020. (AP Photo/Gerald Herbert)
Democratic presidential candidate Michael Bloomberg speaks to a crowd at Footnote cafe in Winston Salem, N.C., Thursday, Feb. 13, 2020. This is the first day of early voting in North Carolina. (Walt Unks/The Winston-Salem Journal via AP)
Democratic presidential candidate Michael Bloomberg speaks to supporters during his visit in Greensboro, N.C., on Thursday, Feb. 13, 2020. (Khadejeh Nikouyeh/News & Record via AP)
People lineup outside of the Bessie Smith Cultural Center during a campaign rally for Democratic presidential candidate Mike Bloomberg Mike Bloomberg, Wednesday, Feb. 12, 2020 in Chattanooga, Tenn. (C.B. Schmelter/Chattanooga Times Free Press via AP)
Democratic presidential candidate and former New York City Mayor Michael Bloomberg, left, signs autographs as Rhode Island Gov. Gina Raimondo, right, joins him onstage at a campaign event Wednesday, Feb. 5, 2020, in Providence, R.I. (AP Photo/David Goldman)
Campaign worker Wendell McCoy hands out signs at a campaign event for Democratic presidential candidate and former New York City Mayor Michael Bloomberg, Wednesday, Feb. 5, 2020, in Providence, R.I. (AP Photo/David Goldman)
Democratic presidential candidate and former New York City Mayor Michael Bloomberg talks to supporters Tuesday, Feb. 4, 2020 in Detroit. (AP Photo/Carlos Osorio)
Democratic presidential candidate former New York City Mayor Michael Bloomberg addresses supporters during a campaign stop in Sacramento, Calif., Monday, Feb. 3, 2020. (AP Photo/Rich Pedroncelli)
Democratic presidential candidate former New York City Mayor Michael Bloomberg speaks to reporters after a campaign event, Monday, Jan. 27, 2020, in Burlington, Vt. (AP Photo/Mary Altaffer)
A supporter of Democratic presidential candidate former New York City Mayor Michael Bloomberg wears an "I Like Mike" button during a campaign event, Monday, Jan. 27, 2020, in Burlington, Vt. (AP Photo/Mary Altaffer)
Democratic presidential candidate former New York City Mayor Michael Bloomberg speaks during a campaign event, Monday, Jan. 27, 2020, in Burlington, Vt. (AP Photo/Mary Altaffer)
Democratic presidential candidate former New York City Mayor Michael Bloomberg, left, speaks to State Rep. Samuel Young, center, and State Rep. Daniel Noyes at Kestral Coffee Roasters, Monday, Jan. 27, 2020, in Burlington, Vt. (AP Photo/Mary Altaffer)
Democratic presidential candidate and former New York City Mayor Michael Bloomberg, left, with Portland, Maine Mayor Kate Snyder, center, greets a patron at Becky's Diner, Monday, Jan. 27, 2020, in Portland, Maine. (AP Photo/Robert F. Bukaty)
Democratic presidential candidate, former New York City Mayor Michael Bloomberg speaks at the ​U.S. Conference of Mayors' Winter Meeting, Wednesday, Jan. 22, 2020, in Washington. (AP Photo/Patrick Semansky)
Michael Bloomberg hablando en un acto en Tulsa, Oklahoma, el 19 de enero del 2020. Bloomberg se postuló a la nominación presidencial demócrata y realiza una campaña poco ortodoxa, ignorando a sus rivales en las primarias y apuntando todos sus cañones a Donald Trump. (AP Photo/Sue Ogrocki, File)
Democratic Presidential candidate Michael Bloomberg, left, talks with Rev. Robert Turner, right, during a service at the Vernon American Methodist Episcopal Church in Tulsa, Okla., Sunday, Jan. 19, 2020. (AP Photo/Sue Ogrocki)
Democratic presidential candidate Michael Bloomberg speaks to supporters Wednesday, Jan. 15, 2020 in New York. (AP Photo/Frank Franklin II)
Democratic presidential candidate Michael Bloomberg speaks to supporters Wednesday, Jan. 15, 2020, in New York. (AP Photo/Frank Franklin II)
Democratic Presidential candidate and former New York City Mayor Michael Bloomberg waits to speaks during a rally Friday, Jan. 10, 2020, in Atlanta. (AP Photo/John Bazemore)
Democratic presidential candidate and former New York Mayor Michael Bloomberg speaks with supporters at the Bounce Innovation Hub, Wednesday, Jan. 8, 2020, in Akron, Ohio. (AP Photo/Tony Dejak)
Democratic presidential candidate, former New York Mayor Michael Bloomberg, walks upstairs at a coffee shop in Richmond, Va., Tuesday, Jan. 7, 2020. (AP Photo/Steve Helber)
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Bloomberg has used the massive wealth he built through Bloomberg LP to self-fund his campaign thus far. His campaign has purchased about $400 million in advertising over the last three months, which has helped propel Bloomberg in the polls.

He qualified for the next Democratic debate this week, which will be his first appearance on stage after many other candidates have already been through, and lost, that gantlet. His vast wealth is almost guaranteed to come up when he faces off against his fellow candidates in Las Vegas.

Bloomberg’s stature, particularly his ownership of a gargantuan media company, has prompted questions about how news organizations he owns would cover his bid for the White House. The company announced that its 2,700 journalists would not undertake any in-depth investigations of Bloomberg or any of his Democratic challengers. 

“We will write about virtually all aspects of this presidential contest in much the same way as we have done so far,” John Micklethwait, the news arm’s editor in chief, said in a memo to staff after Bloomberg entered the race.

  • This article originally appeared on HuffPost.
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