The future of Bloomberg L.P. after Mike Bloomberg steps away is uncertain. Bloomberg Philanthropies, Bloomberg’s charitable giving arm, is likely to sell or take the company public at some point after it is transferred to them. This is because operating Bloomberg L.P. as a nonprofit could be difficult due to certain requirements and taxes that would apply. Selling the company and donating the proceeds would reduce Bloomberg’s tax burden and allow the philanthropy to sell the company tax-free. However, finding a buyer could take time as Bloomberg L.P. is a unique and valuable company. Bloomberg Philanthropies has a 10-year grace period before they are required to sell the company. In other news, China is taking steps to support its currency and economy, Senator Mitch McConnell has been cleared to work, Justice Clarence Thomas disclosed trips taken with a billionaire, and Taylor Swift’s concert film will be shown in movie theaters. Additionally, a group of financiers is trying to break up Sculptor Capital Management’s deal to sell itself, and Elon Musk’s acquisition of Twitter was chaotic and included a ruthless move to fire top management. Finally, some companies are pushing for workers to return to the office despite the popularity of remote work.
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