JERUSALEM (AP) — Former New York Mayor Michael Bloomberg says he is honored and flattered to be the first recipient of Israel's $1 million Genesis Prize.
Bloomberg is in Israel to receive the prize, popularly dubbed the "Jewish Nobel Prize," which is recognizing his years of public service and philanthropy.
But the billionaire businessman, who donates hundreds of millions of dollars a year, says he has not decided what to do with the money.
Bloomberg says he will hold a competition to find — and fund — good causes. He spoke to The Associated Press ahead of Thursday's prize ceremony in Jerusalem.
Bloomberg says he will "work with the committee in whatever they think is appropriate to advance the idea of Tikkun Olam" — a religious term in Hebrew for bettering the world.