The Mayor maybe on his way out, and with a well-respected reputation still intact, Michael Bloomberg, has not only brought back the Big Apple to its once memorable glory days of pastime, but in the process, the billionaire has made tremendous strides for the city as well as on the philanthropic side of things—most importantly to his Alma Mater, John Hopkins University—to whom has recently received another $350 million from the wealthy mayor. In fact, with his latest contribution to his pride and joy [academic] institution, for which he graduated from in 1964, it is now reported that he has tossed approximately $1 billion to his old university over the years, making it the biggest sum anyone has given to a school or alma mater. And it doesn’t stop there, according to various sources, when Bloomberg’s tenure as mayor is all said and done, he will plan to give all of his multi-billion dollar fortune away to philanthropy:
Of the new gift, $250 million will go toward the university’s work to tackle global challenges such as the preservation of water resources, while the other $100 million will provide financial aid to undergraduate students, according to the school.
When he was an undergraduate at the Baltimore university, Bloomberg paid for his tuition by taking loans and working as a parking lot attendant. His first Johns Hopkins gift was $5 in 1965, a year after he received his bachelor’s degree in engineering.
“Johns Hopkins University has been an important part of my life since I first set foot on campus more than five decades ago,” Bloomberg said in a statement. “Each dollar I have given has been well-spent improving the institution and, just as importantly, making its education available to students who might otherwise not be able to afford it.”
Bloomberg, now 70, went on to found financial news and information company Bloomberg LP and amassed a fortune estimated by Forbes magazine at $25 billion.
Bloomberg, who was elected mayor of New York in 2001, has said he will give away his fortune before he dies and has set up Bloomberg Philanthropies to distribute gifts.