Michael Rubens Bloomberg is an American businessman, philanthropist, and politician who is best known as the founder and majority owner of Bloomberg L.P., a financial data and media company that provides news, analytics, and financial software to professionals around the world. He served three terms as Mayor of New York City and is widely recognized as a global leader on crucial issues such as climate change, public health, education, and more through his innovative work in government and philanthropy.
On February 14, 1942, Michael Bloomberg was born at St. Elizabeth’s Hospital in Boston’s Brighton neighborhood to William Henry Bloomberg and Charlotte Bloomberg, both of Jewish heritage. William Henry Bloomberg was a bookkeeper for a dairy company, and the Bloomberg Center at Harvard Business School was named after him. Michael Bloomberg’s paternal grandfather was Rabbi Alexander “Elick” Bloomberg, a Polish Jew, while his maternal grandfather, Max Rubens, was a Lithuanian Jewish immigrant from present-day Belarus.
Bloomberg’s family resided in Allston until he was two years old, followed by Brookline for two years, and finally settled in Medford, Massachusetts, where he lived until after college. Bloomberg earned the rank of Eagle Scout at twelve years old and graduated from Medford High School in 1960. He attended Johns Hopkins University, where he was a member of Phi Kappa Psi fraternity and constructed the blue jay costume for the school’s mascot.
He graduated with a Bachelor of Science degree in electrical engineering in 1964, then went on to earn a Master of Business Administration (MBA) degree from Harvard Business School in 1966. Bloomberg is a member of Kappa Beta Phi and Tau Beta Pi and co-wrote his autobiography, Bloomberg by Bloomberg, with Bloomberg News editor-in-chief Matthew Winkler.
After joining Salomon Brothers, a prominent investment bank on Wall Street, as a general partner in 1973, Michael Bloomberg took charge of equity trading and later, systems development. In 1981, Phibro Corporation acquired Salomon Brothers and dismissed Bloomberg. As a result, he received $10 million for his share in the company.
Bloomberg had previously developed computerized financial systems for Salomon and used his earnings to start a data services company called Innovative Market Systems (IMS). He believed that the financial industry would pay a premium for high-quality business information that could be instantly delivered in a variety of formats on computer terminals. The company’s primary product was customized computer terminals that provided real-time market data, financial calculations, and analytics to Wall Street firms. The terminal, initially called the Market Master terminal, was launched in December 1982.
In 1981, Bloomberg founded Innovative Market Systems, which later became Bloomberg L.P. The company initially focused on providing financial data terminals to Wall Street firms, but over time it expanded into a global provider of financial news, analytics, and software. Today, Bloomberg L.P. is one of the largest financial media and data companies in the world, with more than 325,000 subscribers in over 175 countries.
After renaming itself in 1986, Bloomberg L.P. introduced a range of additional products, including Bloomberg News, Bloomberg Radio, Bloomberg Message, and Bloomberg Tradebook. As of 2018, the company generated approximately $10 billion in revenue, and by 2019, it had over 325,000 terminal subscribers globally and employed 20,000 staff in multiple locations.
After deciding to pursue a career in politics as the mayor of New York City, Bloomberg left his post as CEO of Bloomberg L.P. and was succeeded by Lex Fenwick and later by Daniel L. Doctoroff, who had initially served as his deputy mayor. Following his final term as mayor, Bloomberg dedicated himself to philanthropy for eight months before announcing in late 2014 that he would resume his role as CEO of Bloomberg L.P. by year-end, taking over from Doctoroff, who had led the company since February 2008. Bloomberg remained as CEO until he stepped down in 2019 to run for president.
In addition to his work at Bloomberg L.P., Bloomberg has also been involved in philanthropy and public service. He served as the Mayor of New York City from 2002 to 2013, during which time he implemented policies to improve public health, reduce crime, and promote economic development. He has also been a major philanthropist, donating billions of dollars to causes such as public health, education, and the environment.
Bloomberg is currently estimated to have a net worth of $59 billion, placing him at the 20th spot on Forbes’ list of billionaires.
Michael Bloomberg has had a successful career in both the business world and politics and has received numerous achievements and awards throughout his life. Here are some of his notable accomplishments: