Michael Bloomberg Donates $1.8B to Johns Hopkins University Amid Speculation over 2020 Bid
Michael Bloomberg is using his sizable fortune to help more young people pursue higher education.
In an op-ed for the New York Times published on Monday, the former New York City mayor — who is reportedly eyeing the Oval Office — announced that he had donated $1.8 billion to Johns Hopkins University.
The donation, which is the largest-ever contribution made to any educational institution, will exclusively be used to provide financial aid to undergraduate students at Bloomberg’s alma mater, according to a press release from the university.
“America is at its best when we reward people based on the quality of their work, not the size of their pocketbook,” Bloomberg, a billionaire himself, wrote in the op-ed. “Denying students entry to a college based on their ability to pay undermines equal opportunity. It perpetuates intergenerational poverty. And it strikes at the heart of the American dream: the idea that every person, from every community, has the chance to rise based on merit.”
“Now, I want to be sure the school that gave me a chance will be able to permanently open that same door of opportunity for generations of talented students, regardless of their ability to pay,” the 76-year-old added. “ It will allow the school to offer more generous scholarships. It will ease the burden of student debt for many graduates. And it will help open up the American dream to more young people.”
RELATED: Former New York City Mayor Michael Bloomberg Considering a Run for President in 2020: Reports
Bloomberg went on to outline a few additional steps the country could take in order to make college a reality for more students.
“First, we need to improve college advising so that more students from more diverse backgrounds apply to select colleges,” he wrote, adding that it’s also important for more colleges to not only “increase their financial aid” offerings, but also to “accept more low- and middle-income students.”
According to Forbes’ real-time billionaire rankings, Bloomberg is the 14th richest person in the world — and he’s increasingly directing his sizable fortune to support Democrats.
He donated $110 million to help elect liberal candidates in the midterm election, CNN reported.
Known for his liberal-Republican-turned-Independent stance, Bloomberg announced in October that he had re-registered as a Democrat, citing a need for a check on power in Washington.
“At key points in U.S. history, one of the two parties has served as a bulwark against those who threaten our Constitution. Two years ago at the Democratic Convention, I warned of those threats,” Bloomberg wrote on Instagram. “Today, I have re-registered as a Democrat – I had been a member for most of my life – because we need Democrats to provide the checks and balance our nation so badly needs.”
RELATED VIDEO: Michael Bloomberg Says America Needs ‘Sane, Competent Person’
Although Bloomberg has yet to confirm his intentions for 2020, The Times of London reported in September that Bloomberg will run as a Democrat in 2020 and challenge Donald Trump.
A source close to the British publication confirmed that Bloomberg is allegedly making a bid for the White House.
“Mike Bloomberg told me he is going to run in 2020,” the source told the newspaper. “He has the money to see it through while other candidates knock themselves out.”
According to a separate report by The New York Post, Bloomberg announced in June during a fundraiser that he would be returning to this polls, but this time, for the Oval Office.
The former mayor previously considered running for the presidency in 2016, but decided not to move forward, saying on his website that “an independent candidacy would split the Electoral College and allow Congress to elect an extremist.”
