Oct 26, 2016 01:30 PM EDT By Jane Reed, UniversityHerald Reporter

Billionaires are often known for their philanthropy. And when a billionaire like Michael Bloomberg decides to do something for the youth of today, he does it for science.

Recently, Michael Bloomberg has donated $50 million to the Museum of Science so that the young generation can continue to learn about the world and its composition. Young people, according to reports, are no longer interested in going to museums. The founder and owner of Bloomberg LP, and former Mayor of New York City, wants to help the future of education.

Which is why Michael Bloomberg wants to change all that, cites CNWorth. Bloomberg wants to change the narrative regarding young people and museums by making a donation to the Museum of Science. This specific museum, he considers as a place that had a major impact in his life.

In his younger years, he attended the Johns Hopkins University and Harvard Business School. Afterwards, he went on to make his own business and made a mark in the world of innovation and politics. But Michael claims that his success would not be possible without the Museum of Science in Boston.

"I went every Saturday, and it changed my life ... It just showed me the possibilities and showed me what was out there in ways that traditional school didn't do," said Bloomberg. He remembers attending classes at that museum when he was only 10 years old and that went on until he was in high school.

Because of that symbolic impact on his life, he donated $50 million to the museum. The museum considers it to be the largest gift in its 186 year history. The gift will open up a William and Charlotte Bloomberg Science Education Center, named after Michael's parents. It will be an education division dedicated to his dream.

The Museum of Science plans to use the gift to support dynamic exhibits, live animal shows, computer science and food science initiatives as well as towards the education of children about computational thinking, sustainability, food and more.

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