FT : Elliott pushes for big changes at Twitter after taking $1bn stake

Elliott pushes for big changes at Twitter after taking $1bn stake
Activist hedge fund in talks with social media site’s board over Dorsey leadership

Activist hedge fund Elliott Management has laid out concerns over Twitter’s corporate governance to the social network’s board and is pushing for the removal of its chief executive Jack Dorsey after taking a stake of more than $1bn in the social media company.

The New York-based fund has taken issue with Mr Dorsey simultaneously holding the CEO title at both Twitter and Square, the fintech company he also co-founded, according to people familiar with the matter. 

Elliott, whose close to 4 per cent holding in Twitter places it among the company’s top 10 shareholders, has had talks with the board and has privately submitted four nominees to stand for election at the company’s annual shareholder meeting to be held in May. 

The $38bn firm has flagged leadership issues with Twitter’s board of directors, said people familiar with its thinking, stemming from a CEO it believes is distracted with other activities and a high turnover rate among senior operating and financial executives. 

Twitter’s board named Mr Dorsey chief executive in 2015 despite publicly stating that it would only accept a candidate that could do the job full-time. Mr Dorsey has remained at the helm even as investors have flagged concerns that he has more skin in the game at Square, a company that is more valuable than Twitter and in which he owns a 13 per cent stake. 

Shares in Twitter dropped by a fifth in October after the company reported a poor third quarter, marred by technical problems in its advertising placement technology. The company’s shares trade just 25 per cent higher than its 2013 IPO price and have been lapped by rival Facebook whose market cap of more than $500bn is 20-times that of Twitter.

The 43-year-old Mr Dorsey raised eyebrows last year when he announced plans to move to Africa for as long as six months in 2020 to explore opportunities in blockchain and digital currencies. Mr Dorsey owns more than a tenth of Square, a stake worth nearly $5bn. In contrast, his Twitter stake of roughly 2 per cent is worth around $500m.

Mr Dorsey did not immediately respond to a request for comment. Twitter declined to comment.

Twitter recently announced that its monthly user growth accelerated by more than 20 per cent in the fourth quarter. But the company has not consistently converted users into advertising revenue and Elliott believes leadership changes can close the gap. 

High-profile events such as the 2020 US presidential election, the Tokyo Olympics and the coronavirus outbreak are expected to drive user interest in breaking news, and Elliott has expressed concern that the company may not be able to effectively turn engagement into advertising dollars.

The hedge fund is perhaps the most feared activist investor in the world having taken on such titans as AT&T, eBay and Samsung. Elliott has not yet gone public with its Twitter campaign, hoping that its behind-the-scenes campaign would push the company to act.

(ZH) Illinois Reports Another "Presumptive" Case Of Coronavirus, Bringing US Tot

Illinois Reports Another "Presumptive" Case Of Coronavirus, Bringing US Total To 24; Washington Declares State Of Emergency After 1st US Death: Live Updates

Summary:
  • CDC says "no national spread of coronavirus in US"
  • Cook County reports "presumtive" coronavirus case
  • S.Korea reports another 376 new cases
  • Another Chinese doctor dies in Wuhan
  • China reports 573 new cases.
  • US reports first death from Covid-19 (in Washington State)
  • Washington declares state of emergency
  • US Surgeon General says "stop buying masks"
  • Trump blasts media/Dems for 'hoax'-gate
  • South Korea's Shincheonji Church members found 1557 out of 1900 tested positive for virus
  • Germany boosts border controls
  • Italy tops 1000 cases (1,128, with 29 possible virus-linked deaths)
  • France bans large gatherings
* * *
Update (2200ET): Public health officials in Illinois said Saturday night that they had a new "presumptive case" , what would be the state's third case of coronavirus since the outbreak began. If confirmed by the CDC, the case would increase the total in the US to 24 (aside from the evacuees, who are all in quarantine right now).


Quoth the Raven@QTRResearch

Cook County, State Health Officials Confirm Coronavirus Case
Cook County and Illinois health officials confirmed a coronavirus case in Illinois Saturday, officials said in a news release. Public health officials are working to identify and actively monitor...
nbcchicago.com

55 people are talking about this


The case was confirmed in Cook County, the second-largest county in the US, which includes the city of Chicago, where about half of its residents live. All three of the state's cases now will have been confirmed in Cook County, with the prior two cases being a husband and wife who had recently traveled to Wuhan. It's unclear whether this is another case of 'unknown transmission'.
The positive test results must still be confirmed in a CDC lab in Atlanta. Until then, the patient is being hospitalized in isolation and CDC protocols are being implemented, according to NBC News.
Yesterday, Illinois Gov. Jay Pritzker requested that hospitals across the state implement additional testing to improve surveillance for coronavirus.
* * *
Update (2030ET): And here comes the NHC with China's numbers from Saturday. Mainland China reported 573 new coronavirus cases. Note the ~150 case increase from 427 on Friday. 51,856 are still under "medical observation" across China. In all, there have been 79,824 confirmed cases in mainland China, though most experts believe the true total could be much higher.
Here's the rest of the NHC press release, translation courtesy of the NHC:
On Feb 29, 31 provincial-level regions on the Chinese mainland as well as the Xinjiang Production and Construction Corps reported 573 new cases of confirmed infections, 132 new cases of suspected infections, and 35 deaths (34 in Hubei province and 1 in Henan province). 2,623 patients were released from hospital after being cured. 8,620 people who had had close contact with infected patients were freed from medical observation. Serious cases decreased by 299.
As of 24:00 on Feb 29, the National Health Commission had received 79,824 reports of confirmed cases and 2,870 deaths in 31 provincial-level regions on the Chinese mainland and the Xinjiang Production and Construction Corps, and in all 41,625 patients had been cured and discharged from hospital. There still remained 35,329 confirmed cases (including 7,365 in serious condition) and 851 suspected cases. So far, 660,716 people have been identified as having had close contact with infected patients. 51,856 are now under medical observation.
On Feb 29, Hubei reported 570 new cases of confirmed infections (including 565 in Wuhan), 64 new cases of suspected infections (including 50 in Wuhan), and 34 deaths (including 26 in Wuhan). 2,292 patients were released from hospital after being cured, including 1,675 in Wuhan.
As of 24:00 on Feb 29, Hubei had reported 66,907 cases of confirmed infections (including 49,122 in Wuhan) and 2,761 deaths (including 2,195 in Wuhan). In all, 31,187 patients had been cured and discharged from hospital, including 19,227 in Wuhan.There still remained 32,959 confirmed cases (including 27,700 in Wuhan), with 7,107 in serious condition (including 6,393 in Wuhan), and 646 suspected cases (including 393 in Wuhan).
As of 24:00 on Feb 29, 144 confirmed infections had been reported in the Hong Kong and Macao special administrative regions and Taiwan province: 95 in Hong Kong (2 had been dead and 33 had been cured and discharged from hospital), 10 in Macao (8 had been cured and discharged from hospital) and 39 in Taiwan (1 had been dead and 9 had been cured and discharged from hospital).
In other news, the Korea Times just reported that a 45-day-old baby has been infected with the virus. Another tragic story - this time out of China: Another doctor has died in Wuhan, making him at least the fourth or fifth to die since the death of Dr. Li Wenliang a month ago.
The doctor's name was Jiang Xueqing. He was 55.
Global Times

✔@globaltimesnews

RIP. Jiang Xueqing, 55, doctor at the Wuhan Central Hospital, died of #COVID19 on Sunday.

148 people are talking about this


* * *
Update (2000ET): Yonhap just reported the latest numbers out of South Korea: the country reported another 376 new cases on Saturday, raising the countrywide total to 3,526. Most of the cases reported so far have been concentrated in the city of Daegu, particularly among members of a strange cult-like church that has become entangled in the outbreak.
It doesn't look like any new deaths were reported - at least not yet.
To review: three new cases of the virus were announced Saturday in Washington State bring the total number of infections in the US to 23, excluding repatriations, according to the CDC. 47 of the evacuees from Wuhan and the Diamond Princess are also being quarantined.
As part of its virus-suppression efforts, South Korea has sent its troops to disinfect the streets of Daegu.

In Mexico, the government hit back at President Trump’s comment Saturday that it might be necessary to close the border to prevent transmission of coronavirus, with the Foreign Ministry reminding the administration that "there are four cases of covid-19 registered in our country and 22 in the U.S."
Trump said closing the border probably wouldn't be necessary.

* * *
Update (19120ET): We're moving into a 'twilight zone' of sorts for coronavirus-related news: It's still early in the morning in Asia, and it's the middle of the night in Europe.
But, while we have time, we'd just like to point out that Singapore, a city that has been praised as a role model (ignore what the WHO said about China) for outbreak suppression.
But as we reported below, the four new cases reported out of Singapore on Saturday put the total over 100. As the Straits-Times pointed out, eight recent cases have been linked to one e-learning solutions company that might be the center of a new outbreak.
Meanwhile, over in Thailand, health officials reported a new case yesterday that brought its total to 42.
Going forward, it will be a question of whether governments succeed in mimicking Bangkok, or Daegu. Will public health officials succeed in suppressing the outbreak before things get out of hand? Or will we see a flood of videos on social media showing citizens collapsing in the streets?
* * *
Update (1630ET): The BBC reports that in Daegu, South Korea, 1900 Shincheonji Church members have been tested for coronavirus. 1300 had symptoms & 600 did not. Among those 1300 with symptoms, 87.5% were confirmed with the virus . BUT out of the 600 WITHOUT symptoms, 70% were confirmed with coronavirus.
* * *
Update (1530ET): Following the first death of a Coid-19-infected person in the US, Washington state has declared a state of emergency.
King County official Jeff Duchin says that 27 patients and 25 staff members at the long-term care facility in Kirkland, WA are showing symptoms.
Deedee Sun

✔@DeedeeKIRO7
#BREAKING: @WADeptHealth CONFIRMS a first #coronavirus death here.

That would make this case the first #COVID-19 death in the United States. @KIRO7Seattle
Deedee Sun

✔@DeedeeKIRO7

Here’s the letter @KIRO7Seattle got from a source.

It’s the notice from @EvergreenHosp sent to patients and families about the #coronavirus death in the Seattle area. #COVID19

1,084 people are talking about this


CDC's Messonnier stated that "there is not a national spread of the virus in the US," and adds that US has capacity to test 75,000 people.
CDC erroneously identified the patient as a female in a briefing earlier today with the President and Vice President.
* * *
Update (1515ET): President Trump has finally wrapped up a lengthy press conference that most agreed was more convincing than his previous effort on Wednesday. Trump confirmed that there are now 22 cases in the US outside of the evacuees from Wuhan and the 'Diamond Princess'.
Read more about it here.
Washington State is expected to hold a press conference of its own at 4 pm ET.
* * *
Update (1350ET): Trump is officially 20 minutes late, and following reports about Trump tightening the border with Mexico, the governor of the northern Mexican state of Coahuila has confirmed what appears to be the country's fourth case.
Here's more on the border reports from Reuters.
The administration is also weighing possible restrictions on the entry of travelers from South Korea, Italy and Japan. The White House instructed DHS to draft a range of options about travel restrictions related to those countries.
Yesterday, Hugo Lopez-Gatell, Mexico's assistant health secretary, confirmed a case in Mexico City and at least one other case in the cartel-dominated region of Sinaloa. He also encouraged Mexicans to hold back on hearty greetings involving kisses and hugs and close contact.
* * *
Update (1325ET): Trump is set to start speaking in a few minutes, but a rash of important virus-related headlines just hit, including a Reuters report that the administration is considering imposing restrictions at the Mexican border as part of its effort to suppress the outbreak.
France just confirmed roughly 30 new cases, raising its total from 73 to north of 100, according to the latest reports.
One more thing: We neglected to mention earlier that Washington State discovered another case of coronavirus, which it announced at press conference late last night: The state's third coronavirus patient overall had recently traveled to South Korea.
Meg Tirrell

✔@megtirrell

New case of #COVID19 just announced in Snohomish County, WA. School-aged individual. Went to HS before learning of diagnosis, but left before classes started. Currently in home isolation. No travel history. Source of infection still being identified, per health officials

473 people are talking about this


Also, the CDC has announced a press conference of its own at 3 pm, while Washington State is planning a press conference at 4 pm.
In other words, it's gonna be a busy Saturday afternoon.
  • FRANCE RAISES NUMBER OF CONFIRMED CORONAVIRUS CASES TO 100 - HEAD OF FRENCH PUBLIC HEALTH SERVICE
  • TRUMP ADMINISTRATION CONSIDERING IMPOSING ENTRY RESTRICTIONS AT BORDER WITH MEXICO OVER CORONAVIRUS THREAT - U.S. OFFICIALS
  • CDC PRESS CONFERENCE AT 3 PM
While we wait to hear from Trump, who will almost inevitably begin late, here's a graphic showing the history of pandemics for you to ponder.
Meanwhile, here's a chart showing the France:
And Italy:
* * *
Update (1310ET): As we wait for President Trump's latest update, here's another roundup of updates from across the Middle East and Europe, via Al Jazeera.
  • Two more people in the Netherlands have been diagnosed with the coronavirus, increasing the total number of the cases to six, according to health agency RIVM.
  • Iraq has detected five new cases of coronavirus, four in Baghdad and one in Babel province, the health ministry said, taking the total number of cases there to 13.
  • Azerbaijan shuts its border with Iran after the country confirmed its first case yesterday; two patients have been placed in quarantine after testing positive.
  • Lebanon has confirmed three new cases, bringing its total to 7.
  • Pakistan has confirmed two new cases, bringing its total to 4.
Over in the US, more colleges are cancelling their study abroad programs: UConn just joined a growing list of schools, which CNN is tracking here.
* * *
Update (1250ET): Minutes after President Trump announced his 130pmET press conference to discuss the latest coronavirus developments, Washington State health officials have reported the first death from the coronavirus in the US.
No details yet, but it's probably reasonable to suspect that the death is the state's latest case (remember, it was also home to the first confirmed case in the US, a case that reportedly recovered) of 'unkown origin' which it announced last night.
Of course, it's also possible that this could have been a post-mortem confirmation...meaning it would also constitute a new case.
Washington State health officials are also planning to hold a press conference shortly.
So much for routing all information through the VP's office...
In Italy, officials confirmed that the number of confirmed cases has passed 1,000. The number of confirmed deaths in the country climbed to 21 on Friday.
The US isn't the only country struggling with a rash of unexplained cases. The same phenomenon has frustrated public health officials in Japan, Italy and the UK.
The BBC reports that the UK's 20th case is also believed to be the first person who was infected inside the UK, since they hadn't traveled abroad recently.
As we wait to learn more, here's some more information about the latest FDA announcement, courtesy of the NYT's virus live feed:
The U.S. Food and Drug Administration announced Saturday that it was authorizing American laboratories to develop their own coronavirus tests, which should significantly increase the country’s testing capacity.
The effect could be rapid. About 80 labs and private companies have applied for emergency approval for tests they have already created. If they have submitted evidence that the tests work, the labs and companies will be able to use them immediately, rather than wait for the F.D.A. to complete reviews and issue approvals.
“This action today reflects our public health commitment to addressing critical public health needs and rapidly responding and adapting to this dynamic and evolving situation,” the F.D.A.’s commissioner, Stephen M. Hahn, said in a statement.
Experts have been frustrated with the limited availability of coronavirus tests in the U.S., which until now could only be provided by the Centers for Disease Control and Prevention. Broader testing will enable more rapid detection and isolation of people who have the coronavirus to help contain the spread of disease.
* * *
Update (1235ET): President Trump will hold another press conference to discuss "the latest CoronaVirus developments" at 1:30pm.
* * *
The unceasing 24/7 flood of coronavirus news yielded some disturbing developments last night as public health officials in Oregon and Washington State confirmed the third and fourth coronaviruses of "unknown origin" in the US.
To President Trump's chagrin, public health officials on the west coast warned that the cases are evidence that community outbreaks have already begun in Northern Cali, Oregon and Washington State. So if you were planning on traveling to the Pacific Northwest any time soon...you might want to reconsider.
In Europe, the Middle East and the Far East, we saw a rash of new cases overnight (including the first case in Qatar) nearly doubled on Friday to along with news of more cancellations of sports games, concerts and public events. France has temporarily banned all public events involving more than 5,000 people. Health Minister Olivier Véran announced the decision after an emergency government meeting on Saturday.
Veran also confirmed 16 new cases of coronavirus on Saturday, bringing the country's total taking to 73 since the outbreak began. Two patients have died, a 60-year-old French teacher and an 80-year-old Chinese tourist. On Friday alone, the number of confirmed cases nearly doubled.
Across France, all gatherings of more than 5,000 people in confined spaces will be cancelled." The same applies to events "in an open environment where people can mix with others from areas where the virus is possibly circulating," according to France24.
France's decision follows Switzerland, which announced a similar ban on Friday. In Italy's three virus-hit northern provinces, schools and universities are preparing to remain shut for a second week.
South Korea reported more than 800 new coronavirus cases on Saturday, the biggest jump of any country, and twice the number reported yesterday by Chinese authorities in Hubei. Unsurprisingly, the increase was mostly concentrated in Daegu, the epicenter of the outbreak in South Korea.
But the biggest news Saturday morning was in the US, where the FDA released sweeping new guidelines speeding up hospitals' ability to test for the virus, appearing to resolve an issue about which public health officials, epidemiologists and labs from NYC to Cali had loudly complained. According to WaPo, some experts are worried that these new measures will still fall short. We suspect we will soon know for certain if the changes were effective, or not.
Read the full briefing below:
Virus by Zerohedge on Scribd

Elsewhere in the US, while much of the focus so far has been on the west coast, local media outlets reported on Saturday that a suspected coronavirus patient has been isolated at Bayshore Medical Center in Holmdel, New Jersey, as the hospital awaits the results of a test, which could take a few days.
The patient has yet to test positive, but is showing suspicious symptoms, the hospital said. It continues to screen all patients who have recently visited hot zones, or who are showing suspicious symptoms.

WSJ : The Trump-Bloomberg New York Story: Public Warmth, Private Disdain

The Trump-Bloomberg New York Story: Public Warmth, Private Disdain
Ahead of Super Tuesday, when Michael Bloomberg faces voters for the first time, it’s ‘Mini Mike’ vs. ‘Carnival Barking Clown’

Party and politics aren’t all that distinguish the billionaire New Yorker in the White House from the one seeking to displace him.

President Trump’s Fifth Avenue apartment in Manhattan’s Trump Tower feels “like you’re walking into a casino. Very lavish. A lot of gold,” said John Catsimatidis, another billionaire New Yorker. He also has visited Michael Bloomberg’s New York City townhouse. “You walk into Bloomberg’s home on 79th Street, it’s like Louis XIV’s home,” he said. “Very conservative.”

Mr. Trump, 73 years old, and Mr. Bloomberg, 78, lived about 20 blocks apart on Manhattan’s East Side and miles apart in sensibility, say dozens of people who know them. Mr. Trump was seen as a celebrity whose marriages and divorces splashed across newsstand tabloids. Mr. Bloomberg was the data-driven businessman who served three terms as New York’s mayor.

“Mike’s more intellectual, more of a refined billionaire,” said Don Peebles, a real-estate developer. “Donald’s more of a blue-collar billionaire.”

Mr. Bloomberg was raised in a working-class family outside of Boston and made his fortune selling data to Wall Street traders. Once established, he circulated easily in Manhattan’s philanthropic circles, boardrooms and elite clubs.

The president grew up in a wealthy New York real-estate family. He never fit among the city’s old-money crowd, which viewed him more as a showman than a successful developer.

Mr. Bloomberg appears on the ballot for the first time in the Democratic primary contest on Tuesday, when more than a dozen states hold contests. He has spent more than $600 million on his presidential campaign.

For years, the two billionaires coexisted peacefully in the city, trading pleasantries in public when it suited them. Some of their children became friends. Whatever ill feelings the two men harbored stayed private. Not anymore.

Mr. Catsimatidis said he spoke with Mr. Bloomberg last fall, before the former mayor launched his bid, and he recalled Mr. Bloomberg clearly felt he was more qualified to be president. “He considers himself so much smarter than Trump and so much richer than Trump,” he said. “And Trump is sitting in his chair. Bloomberg hates him.”

The prospect of a November election showdown between Mr. Trump and Mr. Bloomberg might be hard to predict, but the two men are trading punches like crosstown rivals.

Mr. Bloomberg is “a loser who has money but can’t debate and has zero presence,” Mr. Trump tweeted. He mocks the ex-mayor’s height, calling him Mini Mike. Mr. Bloomberg tweeted that some of their mutual acquaintances in New York “laugh at you & call you a carnival barking clown.”

The billionaires’ bout ignited nearly four years ago, when Mr. Bloomberg took the stage at the Democratic National Convention. Mr. Trump, then the GOP presidential nominee, “wants to run the nation like he’s running his business. God help us,” Mr. Bloomberg said. “I’m a New Yorker, and I know a con when I see one.”

Trump campaign spokesman Tim Murtaugh said in a statement: “Mike Bloomberg is not equipped to run this country, and President Trump has made his thoughts on that clear.”

Mr. Bloomberg declined a request to be interviewed for this article. His spokesman, Stu Loeser said, “Running a golf course is about the only thing” Mr. Bloomberg would hire Mr. Trump to do.

‘The greatest’
Mr. Bloomberg, as mayor, and Mr. Trump, as a developer, occasionally crossed paths. They were never close, people familiar with their relationship said, yet they largely presented—at least publicly—a warm front.

Mr. Trump said in 2007 that Mr. Bloomberg would “go down as one of the great mayors, if not the greatest” in New York history. Mr. Bloomberg referred to Mr. Trump in 2011 as a “New York icon.” Both called each other a friend.

Messrs. Trump and Bloomberg were photographed together on the golf course. Mr. Bloomberg twice appeared on “The Apprentice,” Mr. Trump’s reality TV show. Mr. Trump was picked by the city to run a public golf course.

Given their personal differences, the cordiality rested on shaky ground. Mr. Bloomberg had little to gain from tangling with a high-profile TV personality. Likewise, Mr. Trump had little reason to antagonize the mayor, given the city’s broad land-use authority.

When Mr. Bloomberg was elected in 2002, Mr. Trump’s status as a New York real-estate developer was on the wane. After running into financial trouble in the 1990s, he would eventually shift to mostly licensing his name to developers around the globe. Yet he still had ambitions to develop in New York.

His dealings with the Bloomberg administration hit an early setback. City Hall officials rejected Mr. Trump’s attempt to acquire 2 Columbus Circle, a property near Central Park in one of Manhattan’s landmark intersections.

The city instead sold it to what is now called the Museum of Arts and Design. Dan Doctoroff, Mr. Bloomberg’s deputy mayor for economic development, said he didn’t hear from Mr. Trump again until the “The Apprentice” made its 2004 TV debut 18 months later.

“The next morning, I got a call from him out of the blue simply to tell me the ratings of ‘The Apprentice,’ which he then proceeded to do for the next three weeks in a row,” Mr. Doctoroff said. “In the development world that we were living in, that sort of post-9/11 period, we didn’t have that much engagement with him.”

During Mr. Bloomberg’s third term, Mr. Trump explored taking over Tavern on the Green, a restaurant in Central Park. He got a chilly response from City Hall. Then came Mr. Trump’s shot at a golf course development in the Bronx.

Adrian Benepe, commissioner of the parks and recreation department for most of Mr. Bloomberg’s tenure, said the city had promised decades earlier to turn the Ferry Point landfill into a public golf course.

City officials tried without success to find a developer willing to handle the conversion, which required extensive and costly environmental remediation.

The city ended up building the course with taxpayer money, Mr. Benepe said. He praised Mr. Trump’s operation of the Trump Golf Links at Ferry Point. But he was surprised to hear the Trump campaign in 2016 portray Mr. Trump’s role as a single-handed rescue after years of municipal fumbling.

“It’s a pants-on-fire lie,” Mr. Benepe said. “It was kind of a big telling moment that Trump would make up a completely fabricated story that was instantly and easily disprovable.”

A spokeswoman for the Trump Organization said, “For over 30 years, before President Trump and the Trump Organization stepped in, Ferry Point was a stalled city project, in desperate need of rescue.”

On the town
R. Couri Hay, a publicist and New York society maven, said Mr. Bloomberg is a frequent guest at charity events and gala dinners in Manhattan and the Hamptons. “Mayor Bloomberg likes to go out and about,” Mr. Hay said. “He’s no stranger to putting on black tie, although often his is red.”

Mr. Trump “famously doesn’t go to a lot of parties,” Mr. Hay said. “He’s more of a homebody.”

That wasn’t always the case, said Jean Shafiroff, a Manhattan philanthropist. In the late 1980s, Mr. Trump and Ivana Trump, his wife at the time, “were very big on the social scene and in philanthropy. They were at the New York City Ballet gala, pretty much everywhere.”

Mr. Bloomberg topped the Chronicle of Philanthropy’s annual ranking of the top 50 biggest donors in the U.S. His charitable contributions totaled $3.3 billion in the past year. Mr. Trump hasn’t made the list in its 20 years.
Mr. Bloomberg gets credit from many in New York’s real-estate industry for helping rebuild lower Manhattan after the Sept. 11 terrorist attacks. Mr. Trump was more of an outsider, with few close friendships among real-estate developers. As mayor, Mr. Bloomberg would attend the Real Estate Board of New York’s annual banquet. Mr. Trump was never a member of the powerful trade group, a spokesman said.

With no access to either man’s unredacted tax records, evaluating wealth is an educated guess. Forbes estimated Mr. Trump’s net worth at about $3 billion and Mr. Bloomberg’s at around $60 billion.

Mr. Bloomberg, a lifelong Democrat, switched to the Republican Party before his first race for mayor in 2001. He left the GOP in 2007 as he flirted with a 2008 presidential bid. When asked on CNN about Mr. Bloomberg’s prospects at the time, Mr. Trump said Mr. Bloomberg would be a formidable candidate because he could “spend the money that it takes to get elected.”

Mr. Bloomberg decided not to run. He instead sought permission from the City Council to bust a law prohibiting him from serving more than two terms. Mr. Trump joined a chorus supporting Mr. Bloomberg’s bid for a third term.

“I think in New York City real estate, developers are forced into a position where they try to be accommodative to the politicians,” said Stephen Meister, an attorney who has represented Mr. Trump and known him since the 1980s.

Messrs. Trump and Bloomberg took opposite sides of a national debate in 2010, but the dispute contained none of the vitriol now being volleyed between them. That summer, Mr. Bloomberg stood on Governors Island, the Statue of Liberty behind him, to deliver a speech supporting a proposal to build a mosque and Islamic community center two blocks from where terrorists had toppled the World Trade Center.

Opposition grew, drawing in Mr. Trump. He offered to buy out one of the investors in the property on the condition no mosque be built within five blocks of ground zero. Mr. Trump said the proposed location wasn’t appropriate.

Real-estate developer Sharif El-Gamal, one of the investors in the property, said he was surprised by Mr. Trump’s offer.

“Even though he was polarizing against the project, what stood out for me is that he is a rational genius in a way,” Mr. El-Gamal said. “He is somebody that understands how to push buttons and is the greatest showman that I think we’ve ever seen.”

After Mr. Trump’s offer was rebuffed, he appeared on CNN to criticize the proposal but not Mr. Bloomberg. “He’s a great mayor and he’s a great friend of mine,” Mr. Trump said in the TV interview. “He feels very strongly about freedom of religion, and I understand that.”

In 2016, Mr. Bloomberg, who at that point had been unaffiliated with any political party for nearly a decade, briefly considered running for president as an independent. Mr. Bloomberg’s younger daughter, Georgina Bloomberg, told W Magazine after her father decided against the idea that she was happy to have avoided campaign mudslinging with the Trumps.

“Donald Trump and his family have always been very close,” she told the magazine. “I’m good friends with his kids. I was not looking forward to having to watch our fathers go against each other.”

Ms. Bloomberg and Ivanka Trump, Mr. Trump’s eldest daughter, both appeared in the 2003 documentary “Born Rich.”

Mr. Bloomberg rejoined the Democratic Party in 2018, and he launched his bid for the Democratic nomination last fall.

In October, Georgina Bloomberg and Eric Trump’s wife, Lara Trump, were co-chairwomen of the Rescue Dogs Rock NYC charity gala. They planned to headline a charity event for rescue dogs at Mar-a-Lago, the president’s Florida resort, in March. The Palm Beach Post reported neither would attend because of scheduling conflicts.

After Mr. Bloomberg’s first televised debate this month, largely panned, Mr. Trump lashed out at the former mayor.

“Mini Mike Bloomberg’s debate performance tonight was perhaps the worst in the history of debates, and there have been some really bad ones. He was stumbling, bumbling and grossly incompetent,” Mr. Trump wrote on Twitter. “If this doesn’t knock him out of the race, nothing will.”

Should Mr. Bloomberg face Mr. Trump in the general election, it will only get more heated, said New York public-relations executive Howard Rubenstein: “There’s some kind of war that will take place.”