Former New York mayor Michael Bloomberg will sell his media company if he is elected the U.S. president, The Wall Street Journal reported quoting Blooimberg's campaign headquarters.
Bloomberg would put Bloomberg LP into a blind trust, and the trustee would then sell the company. The deal is estimated at $60 billion.
The billionaire owns 88% of Bloomberg LP, and the revenue of the company increased by 5.7% last year, reaching about $ 10.5 billion.
The politician entered the US presidential race in November 2019, having spent more than $385 million on media campaigns. According to Forbes latest estimates, Bloomberg's fortune reaches nearly $ 63 billion. His campaign focuses on issues related to economics, health, immigration, education and gun violence prevention
The 59th US presidential election will be held on November 3, 2020.