What Will Happen to Bloomberg After Its Founder Steps Away?
Summary
For that to happen, Bloomberg L.P. would need to qualify as an independently operated philanthropic business, according to Richard Fox, the founder of a Philadelphia law firm who specializes in private foundations. If the billionaire sold the company for cash and then donated the deal’s proceeds to Bloomberg Philanthropies, the initial sale would be subject to taxes — reducing the value of his overall contribution to his charity. The minority leader from Kentucky produced a letter from Congress’s attending physician that said “occasional lightheadedness” wasn’t uncommon when recovering from a concussion, which Mr. McConnell suffered in March. In an excerpt in The Wall Street Journal from his forthcoming biography of the billionaire, Walter Isaacson reveals some of the chaos behind the acquisition, including Mr. Musk’s impulsive decision to bid for the social network. Mr. Isaacson also sheds light on a coldhearted move by Mr. Musk: accelerating the deal’s closing by several hours, allowing him to seek to fire Twitter’s top management “for cause” before their stock options could vest.