Michael R. Bloomberg has committed to donating his stake in Bloomberg L.P. to Bloomberg Philanthropies, the Financial Times reports.

According to Forbes, Bloomberg—one of the original signatories of the Giving Pledge announced in 2010—has an estimated net worth of $94.5 billion and holds an 88 percent stake in the financial data and communications company he co-founded in 1981. To date, Bloomberg—a three-term mayor of New York City—has donated more than $12.7 billion to philanthropic causes, including public health, gun control, tobacco reduction, charter schools, climate change, and clean energy.

Bloomberg “is likely to transfer ownership of his empire to a trust that will finance Bloomberg Philanthropies for perpetuity,” FT reports, suggesting a plan similar to Yvon Chouinard’s transfer of ownership in outdoor apparel company Patagonia to a trust in September 2022. The move would be one of the largest charitable gifts in history.

“He has committed to giving the company away to Bloomberg Philanthropies when he dies, if not sooner,” Bloomberg Philanthropies spokesperson Ty Trippet told FT.

(Photo credit: Wikimedia/Gage Skidmore)