How Michael Bloomberg Became a Media Emperor

On February 14 in the year 1942, the man who created an enormous fortune by supplying data and information was born in Massachusetts, United States. His name is Michael Rubens Bloomberg, the founder of Bloomberg LP. According to forbes.com, he is the world’s 16th richest person with a net worth of $54.9 billion as of August 23, 2020.

Michael Bloomberg
Michael Bloomberg (Credit: nytimes.com)

Michael Bloomberg was the son of Jewish immigrants. His father worked as an accountant for a dairy company. He obtained a degree in electrical engineering from Johns Hopkins University and MBA from Harvard University. After graduation, he joined Salomon Brothers in 1966 as an investment analyst. In 1972, he was made a partner. After the company was merged with commodity trading firm Phibro in 1981, he was fired.

Instead of licking his wound and indulge in self-pity, Michael used his severance pay of $10 million to start his own company which was then called Innovative Market Solutions. He envisioned the company to be a reliable source of up-to-date market information for traders and other individuals. His first major customer was Merrill Lynch which purchased 22 Bloomberg Terminals for $30 million. By the year 1990, the company was doing over $2 billion business. It renamed itself Bloomberg LP and at the same time, established Bloomberg News and later, Bloomberg Television.

Michael has two daughters with former wife Susan Elizabeth. He got involved in politics and became mayor of New York City from 2001 to 2013 with a salary of $1 a year. He had already spent as much as $4 billion in charitable causes.

References
http://www.businessinsider.com/how-billionaire-michael-bloomberg-made-and-spends-his-fortune-2015-7
https://www.bloomberg.org/about/mike-bloomberg/
https://www.forbes.com/profile/michael-bloomberg/

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