At 76 years of age Michael Bloomberg is one of the best known billionaires in America – probably thanks to the wonderful and thorough advertising Bloomberg LP does. Worth an estimated 50 Billion dollars – what is it that makes this man quite so rich? Also, what does he intend to do with all that money? We took a closer look to try and find out…
Born Michael Rubens Bloomberg in Boston and later attended Johns Hopkins University. Interestingly, the Bloomberg Center at Harvard was named after his paternal grandfather. He mastered in business administration before leaving to become a partner at Salomon Brothers on Wall Street. When this business was bought over he used his $10 million in shares to start his own business. This company was called Innovative Market Systems which was a sort of market research company aimed at upscale Wall Street financiers.
In 1987 the company was renamed Bloomberg LP and nowadays it has nearly half a million subscribers. Bloomberg deals in financial news, messaging and patented a Tradebook package. They also have their own radio network. From January 2002 until December in 2013 Michael then left his comfortable position as CEO to run for Mayor of New York City. He was successful and completed his time as a politician only to become a ‘full time philanthropist’ – a deal he later renounced in order to go back to Bloomberg LP.
Michael survived a total of three consecutive terms in office and was suggested as a candidate for the 2016 Presidential election. He refused to run and opted to support Ms Clinton instead. Despite his unwillingness to run for office he still holds political sway and occasionally throws his money behind political causes that he believes in.
MMichael Bloomberg is the epitome of a man who has hit upon a great idea. That great idea has gone on to make him a billionaire and, in spite of leaving to follow political ambitions, it seems he considers his company to be his life’s work. Michael Bloomberg is also a member of the Giving Pledge, a deal billionaires make to give away more than half of their fortunes to charity. HE is also the mastermind responsible for the Bloomberg Philanthropies Foundation and the Johns Hopkins Bloomberg School of Public Health – to name but two of his philanthropic projects. At age 76 he has done many good works in his time, perhaps most notably he met then Vice President Joe Biden to announce the Bloomberg-Kimmel Institute for Cancer Immunotherapy at his public health school.
Bloomberg is also a driving force behind the ‘Climate of Hope’ and has been an avid opponent of the majority of Trump’s policies. Online business magazine Forbes rate him as number 10 on their list of top 400 businessmen in 2018. To this day his 88% stake in his billion dollar company is what makes and keeps him wealthy. He has also given more than $5 billion to worthy causes so far, and aims to do more in the future. We can only hope for more like him, and that his philanthropy continues well into his old age.