Merrill Lynch's Bloomberg Stock Sale Boosts NY Mayor's Worth To $17B

July 17, 2008 12:15 p.m. EST

New York, NY (AHN) - With the sale by Merrill Lynch of its 20 percent share in Bloomberg, New York City Mayor Michael Bloomberg, who owns 70 percent of the firm, will boost his net worth to $17 billion.The estimate would place the value of the Bloomberg media empire to $25 billion.

With the increase in financial standing, Mayor Bloomberg's ranking in the Forbes 400 is expected to go up 65th as his wealth increases from the last estimate of $11.5 billion.

Meanwhile, Bloomberg's popularity continues to flourish, according to a Quinnipiac University survey. The poll said the mayor had a 71.22 percent approval rating, close to his 75-17 all-time high rating in March.

Bloomberg is in his last term as mayor of the Big Apple, but 38 percent of the survey participants said if he is eligible to run again as the city's chief executive, they would vote for him again.