Eli Broad announced yesterday that he was disappearing from public life this year. In the statement, he said that it’s important he moves on. This is a man who has been very crucial in the political world of Los Angeles, its business as well as its philanthropic and cultural existence. The 84-year-old Eli Broad said that he was retiring. He spoke these words as he welcomed reporters to his office that is on the 30th floor at Broad Foundations in Los Angeles. He also said that he was retiring at that moment. He cited tiredness as the reason why he was leaving. Mr. Broad said that he would spend the rest of his life with his family and maybe catch up with his reading. He said that after contemplating about the issue for a long period, time to step aside had arrived. The importance of the old man in the city of Los Angeles cannot be underestimated. This is a man who moved to the city as a young entrepreneur from Detroit. Since then, he has shaped the city of Los Angeles in terms of arts. He has also shaped the medical sector of Los Angeles. He has given generously to medical causes particularly stem research. Other than advocating for charter schools, Mr. Broad has been a confidant for a number of governors and mayors.
Since he moved to California, the old man has donated over $4 billion of his personal wealth. At the moment, Mr. Broad has a net worth of $7.3 billion, wealth that has come from insurance and construction. The Broad Foundations is worth $2.5, and it’s his philanthropic arm. Following the retirement, he will give away 75 percent of his wealth. He has on numerous occasions fought with teachers’ unions over the issue of charter schools. At the same time, he fought with the Los Angeles Museum of Art on issues related to cost of the project. He has openly said that the money that he gave for medical research and education is the greatest achievement of his life. However, his contribution to the cultural and art world of Los Angeles has helped transform the city. He said that the decision to retire was reached some weeks ago. His wife, Edythe, has constantly urged her to quit the long career. Despite suffering from prostate cancer for the last one month, the billionaire said that health was not one of the reasons he was retiring.