Bloomberg net worth

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Bloomberg net worth $70 Billion. Michael Rubens Bloomberg (born February 14, 1942, Medford, Massachusetts, U.S.), American businessman and politician, who founded a financial data-services firm and served as mayor of New York City (2002–13).

Bloomberg net worth
Bloomberg net worth

Bloomberg net worth

Net Worth: $70 Billion
Date of Birth: Feb 14, 1942 (80 years old)
Gender: Male
Height: 5 ft 8 in (1.73 m)
Profession: Entrepreneur, Politician, Businessperson, Business magnate
Nationality: United States of America
Mayor of New York
Michael stepped down as CEO in 2001 to run for mayor of New York City. He won the election which took place just three weeks after the September 11 terror attacks. A lifelong democrat, he actually ran as a Republican. He officially assumed the office as the 108th mayor of New York in January 2002.

In 2008, after serving two terms, he pressured the City Council to change the rules so that he could run for a third term. They did and he won.

During his time in office, Michael Bloomberg spent $268 million of his own money on re-election campaigns. He also spent $890,000 to provide free breakfast and lunch every day for his entire staff during his three terms.

As mayor he was entitled to $2.7 million in salary over three terms but instead opted to earn just $1 per year. He also paid for his own travel and security, amounting to more than $6 million in total costs during his term.

After his third term was up, Michael returned to his position as CEO of Bloomberg LP.

Early life and Bloomberg LP

Bloomberg’s father, a Polish immigrant, was a bookkeeper and his mother a secretary. After studying engineering at Johns Hopkins University (B.S., 1964), he attended Harvard University (M.B.A., 1966) and took an entry-level position with Salomon Brothers investment bank. Within 15 years he had achieved the level of partner and was leading the firm’s block trading operations. When Salomon’s acquisition by another firm in 1981 left him without a job, Bloomberg’s $10 million partnership buyout provided the funding he needed to create Innovative Market Systems, a financial data-services firm, in 1982. Twenty years later the renamed Bloomberg LP had become a global leader in financial data services. Central to the company’s success was the Bloomberg computer terminal, a comprehensive financial news and information source. The company’s other holdings included the Bloomberg Business News wire service, news radio station WBBR in New York City, and Bloomberg Television.

Bloomberg Early Life

Michael Bloomberg was born on February 14, 1942 in Boston, Massachusetts. He grew up in a middle class family and was in the boy scouts, eventually reaching Eagle Scout. He graduated from Johns Hopkins University in 1964 with a degree in electrical engineering. He then earned an MBA from Harvard Business School.

After Harvard Michael immediately went to work on Wall Street, landing a job at Solomon Brothers with a starting salary of $9,000 per year. In 1973 he made partner at Solomon Brothers where he was in charge of equity trading. He was laid off in 1981 after Solomon was acquired by a rival bank. At the time he was laid off, he owned $10 million worth of Solomon equity. That’s the same as around $30 million after adjusting for inflation.

With no job but lots of money, Bloomberg launched a business called Innovative Market Systems. His realization was that financial services would pay a high price for fast access to quality business information. Within a year Merrill Lynch ordered $30 million worth of Innovative’s “Market Master” terminals. These machines were the precursors to his now ubiquitous Bloomberg Terminals.

Within 10 years of launching, the newly named Bloomberg LP had installed tens of thousands of terminals. As of this writing there are more than 300,000 Bloomberg Terminals around the world. A single terminal without bulk discount costs more than $20,000 per year.

By the early 1990s, the company was worth $2 billion. Today Bloomberg generates more than $10 billion per year in revenue. The company employs more than 20,000 people around the world.

Bloomberg Philanthropy

Michael Bloomberg is an extremely generous philanthropist, with a special focus on the environment, gun control and education. He intends to give away the vast majority of his fortune before he dies. Some notable donations include over $3 billion to Johns Hopkins University across several donations. He gave Cornell University $100 million in 2015. He has donated around $8 billion of his fortune as of this writing.

In 2011 he gave $50 million to the Sierra Club. In June 2019 he committed $500 million to fight global warming through the Beyond Carbon initiative. He donated $30 million to the New York Metropolitan Museum of Art to help fund audio tours in dozens of languages, another $30 million to assist impoverished and Latino black men and $7 million to promote gun control.

Through his Bloomberg Philanthropies Foundation, he has donated and/or pledged over a billion to various causes.

Bloomberg Personal Life

Michael was married to Susan Brown-Meyer from 1975 to 1993. They have two children together. One of their children, Georgina Bloomberg, is a socialite who owns an equestrian team. Michael has been in a relationship with Diana Taylor since 2000.

Bloomberg Summary

Michael Bloomberg has a net worth of $70 billion. As of this writing, that makes him one of the 13th richest-people in the world. He is an entrepreneur, politician and philanthropist.

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