Bloomberg gives $600 million to four Black medical schools' endowments

abcnews.go.com:

Michael Bloomberg’s organization Bloomberg Philanthropies says it will give $600 million to the endowments of four historically Black medical schools

NEW YORK — Michael Bloomberg’s organization Bloomberg Philanthropies is announcing a $600 million gift to the endowments of four historically Black medical schools.

Bloomberg, the former New York City mayor and the billionaire founder of Bloomberg LP, will make the announcement Tuesday in New York at the annual convention of the National Medical Association, an organization that advocates for African American physicians.

“This gift will empower new generations of Black doctors to create a healthier and more equitable future for our country,” Bloomberg said in a statement.

Black Americans fare worse in measures of health compared with white Americans, an Associated Press series reported last year. Experts believe increasing the representation among doctors is one solution that could disrupt these long-standing inequities. In 2022, only 6% of U.S. physicians were Black, even though Black Americans represent 13% of the population.

The gifts are among the largest private donations to any historically Black college or university, with $175 million each going to Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine. Charles Drew University of Medicine & Science will receive $75 million. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant.

The donations will more than double the size of three of the medical schools' endowments, Bloomberg Philanthropies said.

The commitment follows a $1 billion pledge Bloomberg made in July to Johns Hopkins University that will mean most medical