Comment by zweiasakura
3 years ago
Bloomberg LP is essentially a revenue generating arm for Bloomberg Philanthropies with >80% of revenue getting donated. The volunteering culture at Bloomberg LP itself is also fairly strong, compared to other medium/large tech companies, so there's a lots of opportunity to give back beyond knowing your revenue is going towards good projects. See [1] below for more info.
Aside from donating time and money, the company's service is also seen as a fundamental piece of the global economy today. Providing a common baseline of financial data and price transparency of assets creates liquidity and helps keep asset prices low. It also allows smaller players to enter the financial services industry without needing to be in the "Old Boys' Club". It also helps developing countries and other emerging markets to list their sovereign debt and manage investors.
Must be of profits, no? But agreed, Mr. Bloomberg seems to be a prolific giver (although he also did drop $1b on a vanity run for President, not sure how effective a use of funding that was, but generally his donations are very well thought out and high impact)
Ah yes you're right it's profits!
> Bloomberg LP is essentially a revenue generating arm for Bloomberg Philanthropies with >80% of revenue getting donated.
is there somewhere i can read more about this specifically?
Hi didn't mean to ghost ya. I should have given the disclaimer that I'm work at Bloomberg LP too.
I've seen & heard that percentage figure internally, especially as it's increased over the past decade. But I can't seem to find it in 10minutes of searching public documents.