Mike Bloomberg is planning to leave his company to Bloomberg Philanthropies

Mike Bloomberg, the billionaire founder of Bloomberg LP, plans to leave his media and financial information juggernaut to his charity, a spokesperson for the business confirmed, clearing up years of speculation about what will happen to the company when its 81-year-old leader steps back.

Bloomberg is worth an estimated $94.5 billion, most of which comes from his 88% ownership stake in Bloomberg LP. While it is unclear how much the company is worth—Bloomberg is a private company and not required to share that information—the donation could end up becoming the largest private philanthropic contribution...