Former New York City Mayor Michael Bloomberg on Thursday announced succession plans for his global financial technology company, Bloomberg LP, hours after billionaire Rupert Murdoch stepped down as chairman of Fox Corp. and News Corp.

“At 81 years old, common sense says I should have succession plans,” Bloomberg said at the Climate Summit hosted by The New York Times in Manhattan.

“I give virtually all of the company’s profits to the foundation, and the foundation gave away last year $1.7 billion,” he added. “This year it will be a little bit more than that. But when I die, the foundation inherits the company. They, because of the tax laws, will have to get rid of it, sell it someplace or other over the first five years.”

Bloomberg’s personal fortune is estimated to be $94 billion, according to Forbes.

He holds an 88% stake in the company, which generated more than $12 billion in revenue in 2022. He said Thursday he hopes to work for at least 3 to 5 more years.

“I know exactly what I want to do,” he said.

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