Introduction
Michael Bloomberg is an American entrepreneur, politician, and philanthropist who served as the 108th mayor of New York City.️ 🗽 He is the majority owner and co-founder of Bloomberg L.P., a global financial services, software and media company. Bloomberg is one of the richest people in the world with an estimated net worth of $82 billion as of 2023. 💰 Let’s take a closer look at his life, career, and wealth.
Early Life and Education
Michael Rubens Bloomberg was born on February 14, 1942 in Boston, Massachusetts. 👶 He grew up in a middle class family and his father worked as a bookkeeper. In 1964, Bloomberg graduated from Johns Hopkins University with a Bachelor of Science degree in electrical engineering.
In 1966, he received his MBA from Harvard Business School.👨🎓 Bloomberg was president of the investment club and a member of the student senate while at Harvard. His educational background helped prepare him for a career in business and finance.
Career at Salomon Brothers
After graduating from Harvard, Bloomberg started working at investment bank Salomon Brothers in 1966. 🏢 He moved up the ranks quickly becoming a partner in 1972. He headed equity trading and systems development as a partner.
In 1978, Salomon Brothers was acquired. Bloomberg was demoted afterwards and fired 15 years after starting at the firm.💔
This experience gave Bloomberg valuable insights into markets and motivated him to start his own company.
Founding Bloomberg L.P.
After leaving Salomon Brothers, Bloomberg used his experience to establish innovative financial technology company Bloomberg L.P. in 1981. 🖥️ The company provided real-time market data, analytics, and news to financial companies through proprietary technology.
Bloomberg built a culture focused on meritocracy and innovation. The company greatly expanded in the 1980s and 1990s. Today, Bloomberg L.P. has over 20,000 employees globally and generates over $10 billion in annual revenue. 📈
Forbes estimates that 88% of Bloomberg’s net worth comes from this privately held financial data and media giant. Bloomberg retains 88% of the company.
Mayor of New York City
Beyond business, Bloomberg entered politics as well. He ran for mayor of New York City as a Republican in 2001.🗳️ Bloomberg defeated Democrat Mark Green in the mayoral election held just weeks after 9/11.
Bloomberg served three consecutive terms as mayor from 2002 to 2013. He focused on public education reform, economic development, and public health initiatives as mayor. He’s credited with reducing crime and smoking rates, revitalizing the economy, and improving schools.
While controversial for expanding the police use of “stop and frisk”, Bloomberg remained popular and was able to overturn the term limit law to allow his third term.
Philanthropy
Bloomberg has donated billions of dollars to charity over his lifetime. His philanthropic efforts have focused especially on public health, environment, education, and the arts.
Some highlights include:
- Over $3.3 billion donated to his alma mater Johns Hopkins University 🎓
- Given over $200 million to the Sierra Club for its Beyond Coal campaign🌳
- Donated $100 million to Cornell Tech to create a new applied sciences campus in NYC 🏫
- Funded the Bloomberg Harvard City Leadership Initiative
- Established the Bloomberg Associates nonprofit to help cities tackle issues
In total, Bloomberg has signed onto the Giving Pledge, promising to give most of his wealth to charity. His lifetime philanthropic donations are estimated at over $10 billion.
2020 Presidential Run
Bloomberg announced he was running for President of the United States in November 2019. He joined the crowded field of Democrats seeking to challenge Donald Trump. Bloomberg skipped early primaries and instead spent over $500 million of his own money on ads.🇺🇲
Despite having good resources, Bloomberg dropped out in March 2020 after a poor showing on Super Tuesday. He did go on to spend over $100 million supporting Joe Biden’s successful campaign against Trump.
Net Worth in 2023
As of 2023, Michael Bloomberg has an estimated net worth of $82 billion according to Bloomberg’s Billionaires Index. 💵 This makes him the 9th richest person in the world as of this year.
The majority of his wealth comes from the 88% stake he owns in Bloomberg L.P., valued at over $60 billion. Bloomberg has also built up a valuable portfolio of luxury residential real estate around the world. His philanthropic giving and political spending have totaled many billions as well.
While no longer the world’s richest New Yorker, the business success of Bloomberg L.P. has made him one of the wealthiest and most influential Americans. Bloomberg remains politically active and may use his vast wealth to pursue policy goals and philanthropy.
FAQ
What political party is Michael Bloomberg affiliated with?
Bloomberg was originally a lifelong Democrat before switching to Republican affiliation ahead of his successful 2001 run for NYC mayor. He later became an Independent and then Democratic again during his 2020 presidential run.
Does Michael Bloomberg still own Bloomberg LP?
Yes, Bloomberg owns around 88% of the company he co-founded in 1981. This privately held financial media and technology company is the main source of his $82 billion net worth.
Is Michael Bloomberg married?
Bloomberg was married to Susan Brown from 1975 until 1993 when they amicably divorced. He has been in a long-term domestic partnership with Diana Taylor since 2000.
How tall is Michael Bloomberg?
Bloomberg is listed at 5 feet 8 inches tall or 1.73 meters.
Where does Michael Bloomberg live?
He owns lavish homes in New York, Florida, Colorado, London and Bermuda. Bloomberg’s primary residence is his Upper East Side townhouse in Manhattan.
Conclusion
In summary, Michael Bloomberg is a highly successful businessman, politician, and philanthropist. He founded the multibillion dollar company Bloomberg L.P. and served three terms as Mayor of New York City. Bloomberg has donated billions to charity and remains influential in politics and business into his 80s. With a current net worth estimated at $82 billion, Bloomberg is one of the richest people on the planet thanks largely to the success of his namesake firm. From middle class beginnings, he became a towering figure in finance, media, government, and philanthropy in 21st century America.
