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82-536: The New Venture Fund is a 501(c)(3) nonprofit organization managed by Arabella Advisors , a for-profit consulting company that advises left-leaning donors and nonprofits about where to give money and serves as the hub of a politically liberal " dark money " network in the United States. The New Venture Fund serves as the fiscal sponsor for various left-leaning political projects. The New Venture Fund has annual revenue of nearly $ 1 billion. According to OpenSecrets ,

164-446: A Wall Street trading floor, in which dozens of aides and managerial staff are seated together in a large chamber. The design is intended to promote accountability and accessibility. Bloomberg accepted a remuneration of $ 1 annually in lieu of the mayoral salary. As mayor, Bloomberg turned the city's $ 6 billion budget deficit into a $ 3 billion surplus, largely by raising property taxes. Bloomberg increased city funding for

246-463: A technocratic managerial style . As the mayor of New York, Bloomberg established public charter schools , rebuilt urban infrastructure, and supported gun control , public health initiatives, and environmental protections . He also led a rezoning of large areas of the city, which facilitated massive and widespread new commercial and residential construction after the September 11 attacks . Bloomberg

328-437: A Fair Shake, Michigan Families for Economic Prosperity, and North Carolinians for a Fair Economy. These groups have collectively spent millions of dollars to pressure Republican members of Congress on their stances on health care and economic issues through advertising and activism. The Sixteen Thirty Fund spent almost $ 11 million in the 2018 Colorado elections on ballot measures, lobbying, and Democratic super PACs. In 2019,

410-756: A feeling echoed by others. Bloomberg opposed the confirmation of John Roberts as Chief Justice of the United States . Bloomberg is a staunch supporter of abortion rights and did not believe that Roberts was committed to maintaining Roe v. Wade . In addition to Republican support, Bloomberg obtained the endorsements of several prominent Democrats: former Democratic mayor Ed Koch ; former Democratic governor Hugh Carey ; former Democratic City Council Speaker Peter Vallone , and his son, Councilman Peter Vallone Jr. ; former Democratic Congressman Floyd Flake (who had previously endorsed Bloomberg in 2001), and Brooklyn Borough President Marty Markowitz . On October 2, 2008, Bloomberg announced he would seek to extend

492-724: A fiscal sponsorship arrangement do not have to file a Form 990 with the Internal Revenue Service . Using "pass-through" arrangements, funding is passed from one organization to another, making it difficult to trace where a donor's money ends up. In 2018, the Sixteen Thirty Fund, the New Venture Fund, the Hopewell Fund, and the Windward Fund had combined revenue of $ 635 million. According to OpenSecrets , in 2018

574-589: A former Democratic congressman , to become the Republican nominee. After a runoff , the Democratic nomination went to New York City Public Advocate Mark Green . Bloomberg received Giuliani's endorsement to succeed him in the 2001 election. He also had a huge campaign spending advantage. Although New York City's campaign finance law restricts the total amount of contributions that a candidate can accept, Bloomberg chose not to use public funds and therefore his campaign

656-556: A gain of $ 4.5 billion over the previous year, the world's biggest increase in wealth from 2008 to 2009. Bloomberg moved from 142nd to 17th in the Forbes list of the world's billionaires in only two years. In the 2019 Forbes list of the world's billionaires, he was the ninth-richest person ; his net worth was estimated at $ 55.5 billion. Currently, Bloomberg's net worth is estimated at $ 106 billion, ranking him 12th on Forbes' list of billionaires. Bloomberg assumed office as

738-569: A number of groups that spent millions of dollars on advertisements attacking President Donald Trump's response to the COVID-19 pandemic ahead of the 2020 presidential election. Arabella Advisors aimed to raise between $ 8 million and $ 10 million for the Trusted Elections Fund in case the coronavirus pandemic leads to foreign hacking of voting systems, violence, or contested election results. In June 2020, Arabella came under scrutiny for hiring

820-405: A paid editor to request edits to their Misplaced Pages page, with the edit request being reported by multiple news sources. Michael Bloomberg [REDACTED] Michael Rubens Bloomberg (born February 14, 1942) is an American businessman and politician. He is the majority owner and co-founder of Bloomberg L.P. , and was its CEO from 1981 to 2001 and again from 2014 to 2023. He served as

902-575: A record for the most money ever spent on a presidential primary campaign. His campaign blanketed the country with campaign advertisements on broadcast and cable television, the Internet, and radio, as well as direct mail . Bloomberg also spent heavily on campaign operations that grew to 200 field offices and more than 2,400 paid campaign staffers. His support in nationwide opinion polls never exceeded 15 percent but stagnated or dropped before Super Tuesday , while former vice president Joe Biden had become

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984-530: A sixfold increase in documented stops. The policy was challenged in U.S. Federal Court , which ruled that the city's implementation of the policy violated citizens' rights under the Fourth Amendment of the Constitution and encouraged racial profiling. Bloomberg's administration appealed the ruling; however, his successor, Mayor Bill de Blasio, dropped the appeal and allowed the ruling to take effect. After

1066-544: A speech at the 2016 Democratic National Convention in which he called Hillary Clinton "the right choice". Bloomberg warned of the dangers a Donald Trump presidency would pose. He said Trump "wants you to believe that we can solve our biggest problems by deporting Mexicans and shutting out Muslims. He wants you to believe that erecting trade barriers will bring back good jobs. He's wrong on both counts." Bloomberg also said Trump's economic plans "would make it harder for small businesses to compete" and would "erode our influence in

1148-439: A super PAC linked to the Sixteen Thirty Fund, and Democratic donor group Democracy Alliance , whose members include billionaire George Soros , has recommended that donors give generously to the Sixteen Thirty Fund. According to Politico , the Sixteen Thirty Fund's activities are "a sign that Democrats and allies have embraced the methods of groups they decried as 'dark money' earlier this decade, when they were under attack from

1230-470: A veterans group to local media outlets." OpenSecrets reported that "A veterans group urging Republican lawmakers to 'put country over politics' amid the impeachment inquiry into President Donald Trump is the project of a well-funded liberal 'dark money' network." Defend American Democracy's advertisements contained disclaimers that they were "paid for by a group called Protect the Investigation. But Protect

1312-543: A way that leaves almost no paper trail." The Sixteen Thirty Fund was active in the battle for the House of Representatives in 2018, assisting "Democrats trying to seize back power after Trump's rise." According to Politico , "The election featured dozens of Democratic candidates who decried the influence of money in politics on the campaign trail." The Sixteen Thirty Fund operates under dozens of different trade names with titles like Arizonans United for Health Care, Floridians for

1394-490: Is a liberal "dark money" nonprofit headquartered in Washington D.C. Because it is a nonprofit, the Sixteen Thirty Fund is not required to disclose its donors, even though it spends significant amounts on politics. As of 2019, it had spent $ 141 million on more than 100 left-leaning and Democratic causes, making it a large source of money for nonprofits pushing a variety of changes to state and federal law. The Atlantic called

1476-404: Is also tied to Supermajority News, whose associated super PAC, Democracy PAC, was created by George Soros in 2019. Democracy PAC gave $ 1.75 million to PACRONYM, the super PAC arm of ACRONYM . ACRONYM gained notoriety as the majority owner of Shadow Inc. , a political technology company whose software failed during the 2020 Iowa Democratic caucuses . In 2020, the Sixteen Thirty Fund was behind

1558-420: Is considered to have had far-reaching influence on the politics , business sector , and culture of New York City during his three terms as mayor. He has also faced significant criticism for the city's stop and frisk program, support for which he reversed with an apology before his 2020 presidential run. After a brief stint as a full-time philanthropist, he re-assumed the position of CEO at Bloomberg L.P. by

1640-647: Is controlling or funding the organizations until after an election is over. In a 2018 ballot measure campaign in Michigan, a Sixteen Thirty Fund donor group didn't report a "trade name" they had used in a campaign "until 12 days after voters went to the ballots." The Sixteen Thirty Fund gave $ 8 million to the League of Conservation Voters in 2018. In 2018, the New Venture Fund gave $ 250,000 to ACRONYM , described by OpenSecrets (CRP) as "a liberal dark money group with an affiliated super PAC called PACRONYM." As of 2019, ACRONYM

1722-679: The 2023 Hamas-led attack on Israel in October 2023, the Washington Examiner reported on the ties between the Alliance for Global Justice and the Popular Front for the Liberation of Palestine . Soon after, the New Venture Fund and Windward Fund announced they would no longer provide funding to the Alliance for Global Justice due to its ties to Palestinian terrorist groups. The Sixteen Thirty Fund

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1804-659: The Courier Newsroom , a group seeking to boost Democratic candidates through local news stories and advertising. The Hub Project is an initiative that passes on funding to and coordinates 14 groups out of a single office in Washington D.C., "with the goal of battering Republicans for their health care and economic policies during the midterm elections." The Hub Project is run by Obama administration official and public relations specialist Leslie Dach and former Center for American Progress political strategist Arkadi Gerney. The Hub Project "set up an array of affiliate groups around

1886-672: The Iraq War . Bloomberg was re-elected mayor in November 2005 by a margin of 20 percent, the widest margin ever for a Republican mayor of New York City. He spent almost $ 78 million on his campaign, exceeding the record of $ 74 million he spent on the previous election. In late 2004 or early 2005, Bloomberg gave the Independence Party of New York $ 250,000 to fund a phone bank seeking to recruit volunteers for his re-election campaign. Former Bronx Borough President Fernando Ferrer won

1968-516: The September 11 attacks , with assistance from the Central Intelligence Agency, Bloomberg's administration oversaw a controversial program that surveilled Muslim communities on the basis of their religion, ethnicity, and language. The program was discontinued in 2014. In a January 2014 Quinnipiac poll, 64 percent of voters called Bloomberg's 12 years as mayor "mainly a success". In 2001, New York's Republican mayor Rudy Giuliani ,

2050-450: The Trump administration and to organize opposition to numerous Republican politicians and policies. According to The Atlantic , Arabella Advisors has "undeniably benefited from the rush of panicked political giving on the left during the Trump years ." In 2020, the Sixteen Thirty Fund donated $ 410 million toward defeating Trump and winning Democratic control of the U.S. Senate. Because of

2132-556: The United States Department of Defense , since June 2022. Bloomberg grew up in Medford, Massachusetts , and graduated from Johns Hopkins University and Harvard Business School . He began his career at the securities brokerage firm Salomon Brothers before forming his own company in 1981. That company, Bloomberg L.P. , is a financial information, software and media firm that is known for its Bloomberg Terminal . Bloomberg spent

2214-462: The blue jay costume for the university's mascot . He graduated in 1964 with a Bachelor of Science degree in electrical engineering . In 1966, he graduated from Harvard Business School with a Master of Business Administration (MBA) degree. Bloomberg is a member of Kappa Beta Phi and Tau Beta Pi . He wrote an autobiography, Bloomberg by Bloomberg , with help from Bloomberg News editor-in-chief Matthew Winkler . In 1966, Bloomberg

2296-608: The city's term limits law and run for a third mayoral term in 2009. Bloomberg said, "Handling this financial crisis while strengthening essential services ... is a challenge I want to take on," Bloomberg said at a news conference. "So should the City Council vote to amend term limits, I plan to ask New Yorkers to look at my record of independent leadership and then decide if I have earned another term." Ronald Lauder , who campaigned for New York City's term limits in 1993 and spent over 4 million dollars of his own money to limit

2378-569: The mayor of New York City for three terms from 2002 to 2013 and was a candidate for the 2020 Democratic nomination for president of the United States . In 2024, Bloomberg received the Presidential Medal of Freedom from President Joe Biden . He has served as chair of the Defense Innovation Board , an independent advisory board that provides recommendations on artificial intelligence , software, data and digital modernization to

2460-460: The 108th mayor of New York City on January 1, 2002. He won re-election in 2005 and again in 2009. As mayor, he initially struggled with approval ratings as low as 24 percent; however, he subsequently developed and maintained high approval ratings. Bloomberg joined Rudy Giuliani , John Lindsay , and Fiorello La Guardia as re-elected Republican mayors in the mostly Democratic city. Bloomberg stated that he wanted public education reform to be

2542-727: The Alliance for Global Justice, a group with Palestinian terrorism ties, the New Venture Fund and Windward Fund announced they would discontinue funding of the group. Arabella Advisors Organizations incubated by and affiliated with Arabella Advisors include the Sixteen Thirty Fund , the New Venture Fund , the Hopewell Fund , the Windward Fund , and the North Fund . These groups have been active in various efforts to oppose

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2624-1043: The Court bought several Internet domain names related to Kavanaugh and redirected them to websites including End Rape On Campus, the National Sexual Violence Resource Center , and the Rape, Abuse & Incest National Network . Fix the Court's executive director, Gabe Roth, said he purchased and redirected the websites because he believed the sexual assault allegations made by Christine Blasey Ford against Brett Kavanaugh and by Anita Hill against Clarence Thomas . Defend American Democracy spent six figures on television advertisements pressuring Republican members of Congress to vote to impeach President Donald Trump for what they called "abusing his office and risking national security for his own gain." This group "primarily targets swing-district Republicans, prominently features military veterans in its ads and presents itself as

2706-906: The Democratic Party to "nominate a Democrat who will be in the strongest position to defeat Donald Trump ." However, due to his dissatisfaction with the Democratic field, Bloomberg reconsidered. He officially launched his campaign for the 2020 Democratic nomination on November 24, 2019. Bloomberg self-funded his campaign from his personal fortune and did not accept campaign contributions. Bloomberg's campaign suffered from his lackluster performance in two televised debates. When Bloomberg participated in his first presidential debate, Elizabeth Warren challenged him to release women from non-disclosure agreements relating to their allegations of sexual harassment at Bloomberg L.P. Two days later, Bloomberg announced that there were three women who had made complaints concerning him, and added that he would release any of

2788-432: The Democratic and Republican primaries, respectively. Quinn came in third in the Democratic primary and Lhota won the Republican primary. Bloomberg criticized Democratic mayoral candidate Bill de Blasio 's campaign methods, which he initially called "racist"; Bloomberg later downplayed and partially retracted those remarks. On January 1, 2014, de Blasio became New York City's new mayor, succeeding Bloomberg. Bloomberg

2870-643: The Democratic nomination to oppose Bloomberg in the general election. Thomas Ognibene sought to run against Bloomberg in the Republican Party's primary election. The Bloomberg campaign successfully challenged the signatures Ognibene submitted to the Board of Elections to prevent Ognibene from appearing on ballots for the Republican primary. Instead, Ognibene ran on only the Conservative Party ticket. Ognibene accused Bloomberg of betraying Republican Party ideals,

2952-523: The Independence Party on October 30 and November 2, 2009. The Independence Party then paid $ 750,000 of that money to Republican Party political operative John Haggerty Jr. This prompted an investigation beginning in February 2010 by the office of New York County District Attorney Cyrus Vance Jr. into possible improprieties. The Independence Party later questioned how Haggerty spent the money, which

3034-484: The Investigation doesn't legally exist — it's one of dozens of fictitious names registered by the Sixteen Thirty Fund." The Hub Project was started in 2015 with funding from the Wyss Foundation , operated by Swiss billionaire Hansjörg Wyss . The Hub Project seeks "to shape media coverage to help Democratic causes." The goal of The Hub Project is to help Democrats be more effective at conveying their arguments through

3116-581: The Market Master terminal, was released to market in December 1982. In 1986, IMS renamed itself Bloomberg L.P. Over the years, ancillary products including Bloomberg News , Bloomberg Radio , Bloomberg Message, and Bloomberg Tradebook were launched. Bloomberg, L.P. had revenues of approximately $ 10 billion in 2018. As of 2019, the company has more than 325,000 terminal subscribers worldwide and employs 20,000 people in dozens of locations. The culture of

3198-649: The NYC Young Men's Initiative, a $ 127 million initiative to support programs and policies designed to address disparities between young Black and Latino men and their peers, and personally donated $ 30 million to the project. In 2010, Bloomberg supported the then-controversial Islamic complex near Ground Zero . Under the Bloomberg Administration, the New York City Police Department greatly expanded its stop and frisk program, with

3280-401: The New Venture Fund "has fiscally sponsored at least 80 groups and acted as a pass-through agency funneling millions of dollars in grants for wealthy donors to opaque groups with minimal disclosure." According to Axios , the New Venture Fund has been "criticized for obscuring information about the scores of subsidiary groups they sponsor." Swiss billionaire Hansjörg Wyss is a major donor to

3362-456: The New Venture Fund. The New Venture Fund has given money to Acronym , a partial owner of Courier Newsroom , which The New York Times described as "a network of news media outlets that was criticized by a nonpartisan disinformation watchdog for slanting coverage to favor Democrats." In October 2023, after a Washington Examiner investigation revealed that the New Venture Fund and the Windward Fund had given $ 473,000 between 2020 and 2021 to

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3444-439: The Sixteen Thirty Fund "sponsored social media pages and digital operations for five pseudo local news outlets." These outlets appeared to be independent but ran nearly identical digital ads. Associated Facebook pages "gave the impression of multiple free-standing local news outlets with unique names and disclaimers...But the sponsors of those ads are merely fictitious names used by the Sixteen Thirty Fund." The Sixteen Thirty Fund

3526-512: The Sixteen Thirty Fund "the indisputable heavyweight of Democratic dark money," noting that it was the second-largest super-PAC donor in 2020, donating $ 61 million of "effectively untraceable money to progressive causes." The Sixteen Thirty Fund supports Democratic lawmakers and candidates and criticizes Republicans. The group spent money opposing the nomination of Supreme Court Justice Brett Kavanaugh and other Trump judicial nominees and supporting various ballot measures. The Sixteen Thirty Fund

3608-509: The Sixteen Thirty Fund had "thirteen multi-million dollar secret donors." One donor gave $ 51.7 million to the group in 2018, while another donor gave $ 26.7 million and a third gave $ 10 million. The group is not required by law to reveal its donors and it has not disclosed who its funders are. Known donors to the group include Nick Hanauer , the American Federation of Teachers , and the Wyss Foundation . Michael Bloomberg gave $ 250,000 to

3690-413: The U.S. Supreme Court. The group "projected a video of Christine Blasey Ford accusing Kavanaugh of assault on the side of a truck outside a Washington gala where Kavanaugh was speaking." The New Venture Fund provides all of the funding for Fix the Court , a judicial advocacy group that seeks reform of the U.S. federal court system . When Brett Kavanaugh was nominated to the U.S. Supreme Court , Fix

3772-526: The Windward Fund shared $ 715 million in 2019 with the New Venture and Hopewell funds. Windward is a 501(c)(3) tax-deductible charity. Windward hosts several charities, including the Heartland Fund and Rewiring America. Demand Justice is a courts-focused group headed by former Hillary Clinton press secretary Brian Fallon . The group spent millions of dollars opposing Brett Kavanaugh 's confirmation to

3854-490: The bill into law on November 3. Bloomberg's bid for a third term generated some controversy. Civil libertarians such as former New York Civil Liberties Union Director Norman Siegel and New York Civil Rights Coalition Executive Director Michael Meyers joined with local politicians to protest the process as undermining the democratic process. Bloomberg's opponent was Democratic and Working Families Party nominee Bill Thompson , who had been New York City Comptroller for

3936-471: The candidates to succeed him. On his radio show, he stated, "I don't want to do anything that complicates it for the next mayor. And that's one of the reasons I've decided I'm just not going to make an endorsement in the race." He added, "I want to make sure that person is ready to succeed, to take what we've done and build on that." Bloomberg praised The New York Times for its endorsement of Christine Quinn and Joe Lhota as their favorite candidates in

4018-582: The company in the 1980s and 1990s has been compared to a fraternity, with employees bragging in the company's office about their sexual exploits. The company was sued four times by female employees for sexual harassment , including one incident in which a victim claimed to have been raped. To celebrate Bloomberg's 48th birthday, colleagues published a pamphlet entitled Portable Bloomberg: The Wit and Wisdom of Michael Bloomberg . Among various sayings that were attributed to him, several have subsequently been criticized as sexist or misogynistic. When he left

4100-409: The country, many with vaguely sympathetic names like Keep Iowa Healthy, New Jersey for a Better Future and North Carolinians for a Fair Economy. The Hub Project then used them to mobilize volunteers and run advertising on policy issues against Republican members of Congress many months before the election." The Sixteen Thirty Fund gave America Votes , which describes itself as "the coordination hub of

4182-596: The end of 2014, succeeding Doctoroff, who had led the company since February 2008. Bloomberg resigned as CEO of Bloomberg L.P. to run for president in 2019. In January 2024, John P. Angelos reached a $ 1.725 billion deal to sell the Baltimore Orioles to a group led by David Rubenstein . The group included Bloomberg, former Baltimore Mayor Kurt Schmoke , Cal Ripken , New York investment manager Michael Arougheti and NBA legend Grant Hill . In March 2009, Forbes reported Bloomberg's wealth at $ 16 billion,

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4264-470: The end of 2014. In November 2019, four months before Super Tuesday, Bloomberg officially launched his campaign for the Democratic nomination for president of the United States in the 2020 election . He ended his campaign in March 2020, after having won only 61 delegates. Bloomberg self-funded $ 935 million for his candidacy, which set the record for the most expensive U.S. presidential primary campaign. Bloomberg

4346-559: The firm. Using the money he received from Phibro, Bloomberg—having designed in-house computerized financial systems for Salomon—set up a data services company named Innovative Market Systems (IMS) based on his belief that Wall Street would pay a premium for high-quality business information, delivered instantaneously on computer terminals in a variety of usable formats. The company sold customized computer terminals that delivered real-time market data, financial calculations and other analytics to Wall Street firms. The terminal, first called

4428-523: The fund raised $ 137 million. The Sixteen Thirty Fund spent $ 410 million in 2020, largely focused on helping Democrats defeat President Donald Trump and winning back control of the United States Senate . The group financed attack ads against Trump and vulnerable Republican senators and funded various issue advocacy campaigns. Funding went to groups opposing Trump's Supreme Court nominees, supporting liberal ballot measures and policy proposals at

4510-489: The group Colorado Families First to support a proposed ballot initiative requiring paid family leave in the state. The New Venture Fund had revenue of $ 405 million in 2018, up from $ 350 million annually in the three preceding years. According to OpenSecrets , the New Venture Fund "has fiscally sponsored at least 80 groups and acted as a pass-through agency funneling millions of dollars in grants for wealthy donors to opaque groups with minimal disclosure." Founded in 2015,

4592-420: The groups structure their funding creates "an incomplete picture of where support for candidates and ballot initiatives are coming from" and allows these groups to "avoid public scrutiny by registering trade names to carry out their work. The groups pose as grassroots activist organizations... while being connected to much larger organizations." They adopt 'trade names' meaning voters have little way of knowing who

4674-469: The left embraced the use of 'dark money' to fight for its causes in recent years. After decrying big-money Republican donors over the last decade, as well as the Supreme Court rulings that flooded politics with more cash, Democrats now benefit from hundreds of millions of dollars of undisclosed donations as well." Arabella Advisors and its affiliated entities utilize tax regulations in which groups who use

4756-422: The legacy of his first term and addressing poverty to be the legacy of his second. Bloomberg chose to apply a statistical, metrics-based management approach to city government, and granted departmental commissioners' broad autonomy in their decision-making. Breaking with 190 years of tradition, he implemented what New York Times political reporter Adam Nagourney called a "bullpen" open office plan, similar to

4838-555: The maximum years a mayor could serve to eight years, sided with Bloomberg and agreed to stay out of future legality issues. In exchange, he was promised a seat on an influential city board by Bloomberg. Some people and organizations objected and NYPIRG filed a complaint with the City Conflict of Interest Board. On October 23, 2008, the city council voted 29–22 in favor of extending the term limit to three consecutive four-year terms. After two days of public hearings, Bloomberg signed

4920-466: The money machines built by conservatives including the Kochs ". In May 2023, Arabella laid off 10% of its workforce. In July 2023, the company announced that CEO Rick Cruz would depart on August 1. Between 2020 and 2021, the New Venture Fund and the Windward Fund directed $ 473,000 to the Alliance for Global Justice, a group which funds and organizes anti-Israel protests across the United States. Following

5002-720: The new development of affordable housing through a plan that created and preserved an estimated 160,000 affordable homes in the city. In 2003, he implemented a successful smoking ban in all indoor workplaces, including bars and restaurants, and many other cities and states followed suit. On December 5, 2006, New York City became the first city in the United States to ban trans-fat from all restaurants. This went into effect in July 2008 and has since been adopted in many other cities and countries. Bloomberg created bicycle lanes , required chain restaurants to post calorie counts , and pedestrianized much of Times Square . In 2011, Bloomberg launched

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5084-634: The news media and directly to voters. It seeks to "dramatically shift the public debate and policy positions of core decision makers." The Hub Project engaged in paid advertising campaigns that criticized Republican congressional candidates in 2018. The Hub Project is housed within the Arabella-sponsored groups the New Venture Fund and the Sixteen Thirty Fund. Between 2007 and 2020, the Wyss Foundation donated approximately $ 56.5 million to these groups. The New Venture Fund underwrites Acronym , which owns

5166-550: The next twenty years as its chairman and CEO. As of April 2024, Forbes ranked him as the thirteenth-richest person in the world , with an estimated net worth of US$ 106.2 billion. Bloomberg, who has signed The Giving Pledge , has given away $ 17.4 billion to philanthropic causes in his lifetime. Bloomberg was elected the 108th mayor of New York City in 2001 . He held office for three consecutive terms, winning re-election in 2005 and 2009 . Pursuing socially liberal and fiscally moderate policies , Bloomberg developed

5248-558: The past eight years and before that, president of the New York City Board of Education . Bloomberg defeated Thompson by a vote of 51 percent to 46 percent. Bloomberg spent $ 109.2 million on his 2009 campaign, outspending Thompson by a margin of more than 11 to one. After the release of Independence Party campaign filings in January 2010, it was reported that Bloomberg had made two $ 600,000 contributions from his personal account to

5330-438: The position of CEO to pursue a political career as the mayor of New York City, Bloomberg was replaced by Lex Fenwick and later by Daniel L. Doctoroff , after his initial service as deputy mayor under Bloomberg. After completing his final term as the mayor of New York City, Bloomberg spent his first eight months out of office as a full-time philanthropist. In fall 2014, he announced that he would return to Bloomberg L.P. as CEO at

5412-538: The progressive community", $ 27 million in 2018. The $ 27 million grant was nearly twice the amount America Votes had previously ever raised in a single year. The Sixteen Thirty Fund urged passage of a Nevada ballot measure promoting automatic voter registration and a Michigan redistricting ballot measure. The group also supported a Florida constitutional amendment restoring voting rights to felons and minimum wage increases in Arkansas, Missouri, and other states. The way

5494-573: The state level, and opposing Republican tax and health care policies. The Sixteen Thirty Fund gave $ 10.5 million to the conservative anti-Trump group Defending Democracy Together, which was founded by Bill Kristol in 2018. In 2020, the Sixteen Thirty Fund raised $ 390 million, with half of that amount coming from just four donors. Billionaire Pierre Omidyar disclosed that he gave the group $ 45 million that same year. The group also received mystery donations as large as $ 50 million and disseminated grants to more than 200 groups. It gave $ 0.5 million to

5576-417: The three if they request him to do so. Warren continued her attack in the second debate the next week. Others criticized Bloomberg for his wealth and campaign spending, as well as his former affiliation with the Republican Party. As a late entrant to the race, Bloomberg skipped the first four state primaries and caucuses. He spent $ 676 million of his personal fortune on the primary campaign, breaking

5658-410: The way they are legally structured, Arabella Advisors and its affiliated groups are not required to disclose their donors, and they have not opted to do so. Billionaires George Soros and Pierre Omidyar have disclosed multi-million donations to the network. Politico has described the Sixteen Thirty Fund as a "left-leaning, secret-money group", writing that the group "illustrates the extent to which

5740-528: The world". Trump responded to the speech by condemning Bloomberg in a series of tweets. In June 2018, Bloomberg pledged $ 80 million to support Democratic congressional candidates in the 2018 election , with the goal of flipping control of the Republican-controlled House to Democrats. In a statement, Bloomberg said that Republican House leadership were "absolutely feckless" and had failed to govern responsibly. Bloomberg advisor Howard Wolfson

5822-410: Was behind several groups that ran issue advocacy ads to benefit Democrats during the 2018 midterms. The group also funded Demand Justice , which spent millions of dollars on ads attacking Brett Kavanaugh 's nomination to the U.S. Supreme Court. According to OpenSecrets , the Sixteen Thirty Fund and New Venture Fund "have fiscally sponsored at least 80 of their own groups, bankrolling those entities in

5904-521: Was born on February 14, 1942, at St. Elizabeth's Hospital , in the Brighton neighborhood of Boston , to William Henry Bloomberg (1906–1963), a bookkeeper for a dairy company, and Charlotte (née Rubens) Bloomberg (1909–2011). His father never earned more than $ 6,000 a year. William Henry Bloomberg died suddenly when his son was in college. The Bloomberg Center at the Harvard Business School

5986-460: Was chosen to lead the effort, which was to target mainly suburban districts. By early October, Bloomberg had committed more than $ 100 million to returning the House and Senate to Democratic power, fueling speculation about a presidential run in 2020 . On October 10, 2018, Bloomberg announced that he had returned to the Democratic party. On March 5, 2019, Bloomberg had announced that he would not run for president in 2020. Instead, he encouraged

6068-458: Was frequently mentioned as a possible centrist candidate for the presidential elections in 2008 and 2012 , as well as for governor of New York in 2010 or vice-president in 2008. He eventually declined to seek all of these offices. In the immediate aftermath of Hurricane Sandy in November 2012, Bloomberg penned an op-ed officially endorsing Barack Obama for president, citing Obama's policies on climate change. On January 23, 2016, it

6150-437: Was hired for a job earning $ 9,000 per year at Salomon Brothers , a large Wall Street investment bank . Salomon Brothers later promoted him to the equities desk. Bloomberg became a general partner at Salomon Brothers in 1972; he headed equity trading and, later, systems development . Phibro Corporation bought Salomon Brothers in 1981, and the new management fired Bloomberg, paying him $ 10 million for his equity in

6232-521: Was ineligible for re-election due to the city's limit of two consecutive terms. Bloomberg, who had been a lifelong member of the Democratic Party , decided to run for mayor on the Republican ticket. Voting in the primary began on the morning of September 11, 2001. The primary was postponed later that day, due to the September 11 attacks . In the rescheduled primary, Bloomberg defeated Herman Badillo ,

6314-726: Was named in William Henry's honor. Bloomberg's family is Jewish , and he is a member of the Temple Emanu-El in Manhattan. Bloomberg's paternal grandfather, Rabbi Alexander "Elick" Bloomberg, was a Polish Jew . Bloomberg's maternal grandfather, Max Rubens, was a Lithuanian Jewish immigrant from present-day Belarus , and his maternal grandmother was born in New York to Lithuanian Jewish parents. The family lived in Allston until Bloomberg

6396-522: Was not subject to these restrictions. He spent $ 73 million of his own money on his campaign, outspending Green by a ratio of five to one. In the wake of the September 11 attacks, Bloomberg's administration made a successful bid to host the 2004 Republican National Convention . The convention drew thousands of protesters , among them New Yorkers against George W. Bush and the Bush administration's pursuit of

6478-546: Was reported that Bloomberg was again considering a presidential run, as an independent candidate in the 2016 election , if Bernie Sanders got the Democratic party nomination. This was the first time he had officially confirmed he was considering a run. Bloomberg supporters believed that Bloomberg could run as a centrist and capture many voters who were dissatisfied with the likely Democratic and Republican nominees. However, on March 7, Bloomberg announced he would not be running for president. In July 2016, Bloomberg delivered

6560-460: Was the full owner of Courier Newsroom , a digital for-profit media company which publishes "websites that appear to be free-standing local news outlets" but that are "actually part of a coordinated effort with deep ties to Democratic political operatives." According to the CRP, "Courier has faced scrutiny for exploiting the collapse of local journalism to spread 'hyperlocal partisan propaganda.'" In 2018,

6642-552: Was to go to poll-watchers. Former New York State Senator Martin Connor contended that because the Bloomberg donations were made to an Independence Party housekeeping account rather than to an account meant for current campaigns, this was a violation of campaign finance laws. Haggerty also spent money from a separate $ 200,000 donation from Bloomberg on office space. On September 13, 2013, Bloomberg announced that he would not endorse any of

6724-488: Was two years old, followed by Brookline, Massachusetts , for two years, finally settling in the Boston suburb of Medford, Massachusetts , where he lived until after he graduated from college. Bloomberg became an Eagle Scout when he was twelve years old. He graduated from Medford High School in 1960. He went on to attend Johns Hopkins University , where he joined the fraternity Phi Kappa Psi . While there, he constructed

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