Michael Rubens Bloomberg is an American businessman, politician, philanthropist, and author.
He is the majority owner and co-founder of Bloomberg L.P.. He was the mayor of New York City from 2002 to 2013, and was a candidate in the 2020 Democratic presidential primaries.
- Full name: Michael Rubens Bloomberg
- Profession: American businessman and politician
- Born: 14 February 1942 (age 78 years), Brighton, Massachusetts, United States
- Height: 1.8 m
- Net worth: 57.4 billion USD (2020)
- Spouse: Susan Brown (m. 1975–1993)
- Party: Democratic Party
- Education: Harvard Business School (1966)
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About Michael Bloomberg
Bloomberg was born on 14 February 1942 at St. Elizabeth’s Hospital, in Brighton, a neighbourhood of Boston, Massachusetts, United States. To William Henry Bloomberg (1906–1963), a bookkeeper for a dairy company, and Charlotte (née Rubens) Bloomberg (1909–2011).
The Bloomberg Center at the Harvard Business School was named in William Henry’s honour. His family is Jewish, and he is a member of the Emanu-El Temple in Manhattan.
Bloomberg’s paternal grandfather, Alexander “Elick” Bloomberg, was a Polish Jew. Bloomberg’s maternal grandfather, Max Rubens, was a Lithuanian Jewish immigrant from present-day Belarus. His maternal grandmother was born in New York to Lithuanian Jewish parents.
The family lived in Allston until Bloomberg was two years old, followed by Brookline, Massachusetts for two years, finally settling in the Boston suburb of Medford, Massachusetts, where he lived until after he graduated from college.
Bloomberg is an Eagle Scout and he graduated from Medford High School in 1960. He went on to attend Johns Hopkins University, where he joined the fraternity Phi Kappa Psi and constructed the school mascot’s (the blue jay’s) costume.
He graduated in 1964 with a Bachelor of Science degree in electrical engineering. In 1966, he graduated from Harvard Business School with a Master of Business Administration.
Bloomberg is a member of Kappa Beta Phi. He wrote an autobiography, with help from Bloomberg News Editor-in-Chief Matthew Winkler, called Bloomberg by Bloomberg.
In 1973, Bloomberg became a general partner at Salomon Brothers, a large Wall Street investment bank, where he headed equity trading and, later, systems development.
In 1981, Salomon Brothers was bought by Phibro Corporation, and Bloomberg was laid off from the investment bank with a $10 million cash buyout of his partnership stake in the firm.
Using this money, Bloomberg, having designed in-house computerized financial systems for Salomon, set up a data services company named Innovative Market Systems (IMS) based on his belief that Wall Street would pay a premium for high-quality business information, delivered instantaneously on computer terminals in a variety of usable formats.
The company sold customized computer terminals that delivered real-time market data, financial calculations and other analytics to Wall Street firms. The terminal, first called the Market Master terminal, was released to market in December 1982.
In 1986, the company renamed itself Bloomberg L.P. Over the years, ancillary products including Bloomberg News, Bloomberg Radio, Bloomberg Message, and Bloomberg Tradebook were launched.
Bloomberg, L.P. had revenues of approximately $10 billion in 2018. As of 2019, the company has more than 325,000 terminal subscribers worldwide and employs 20,000 people in dozens of locations.
The culture of the company in the 1980s and 1990s has been compared to a fraternity, with employees bragging in the company’s office about their sexual exploits.
The company was sued four times by female employees for sexual harassment, including one incident in which a victim claimed to have been raped.
To celebrate Bloomberg’s 48th birthday, colleagues published a pamphlet entitled Portable Bloomberg: The Wit and Wisdom of Michael Bloomberg. Among various sayings that were attributed to him, several have subsequently been criticized as sexist or misogynistic.
When he left the position of CEO to pursue a political career as the mayor of New York City, Bloomberg was replaced by Lex Fenwick and later by Daniel L. Doctoroff, after his initial service as deputy mayor under Bloomberg.
Bloomberg was elected the 108th mayor of New York City. First elected in 2001, he held office for three consecutive terms, winning re-election in 2005 and in 2009.
Pursuing socially liberal and fiscally moderate policies, Bloomberg developed a technocratic managerial style. After a brief stint as a full-time philanthropist, he re-assumed the position of CEO at Bloomberg L.P. by the end of 2014.
As mayor of New York, Bloomberg established public charter schools, rebuilt urban infrastructure, and supported gun control, public health initiatives, and environmental protections.
He also led a rezoning of large areas of New York City, which facilitated massive and widespread new commercial and residential construction after the September 11 attacks.
Bloomberg is considered to have had far-reaching influence on the politics, business sector, and culture of New York City during his three terms as mayor. He has also faced significant criticism for his expansion of the city’s stop and frisk program.
In November 2019, Bloomberg officially launched his campaign for the Democratic nomination for president of the United States in the 2020 election.
He ended his campaign in March 2020, after having won only 61 delegates. Bloomberg self-funded $935 million on the primary campaign, setting the record for the most expensive U.S. presidential primary campaign.
In March 2009, Forbes reported Bloomberg’s wealth at $16 billion, a gain of $4.5 billion over the previous year, the world’s biggest increase in wealth from 2008 to 2009.
Bloomberg moved from 142nd to 17th in the Forbes list of the world’s billionaires in only two years.
In the 2019 Forbes list of the world’s billionaires, he was the ninth-richest person; his net worth was estimated at $55.5 billion.