Business Politics

Michael Bloomberg


Michael Bloomberg is a self-made billionaire businessman, philanthropist, and the 108th and current Mayor of New York City. He was elected in 2001 and in 2005, was re-elected to serve his second term as mayor. Prior to entering public life, Bloomberg created a firm in 1981 that would deliver efficiency and transparency to individuals and corporate entities that sell and buy financial securities. Based in New York City, Bloomberg LP presently employs 9,500 people in over 130 cities around the world and its financial news and information service reaches to more than 250,000 subscribers. With a net worth of $11.5 billion, Michael Bloomberg ranks 25th in the 2007 Forbes list of 400 Richest Americans and ranks 65 in the 2008 Forbes’ list of the World’s Billionaires.

Bloomberg is also a notable philanthropist, making him one of the top ten largest American charitable donors in 2007. He has given away $715 million in five years to various institutions including the Johns Hopkins Bloomberg School for Public Health in Baltimore, the Centers for Disease Control Foundation in Atlanta, the Campaign for Tobacco-Free Kids in Washington, the World Lung Foundation in New York, and the World Health Organization in Geneva.


Michael R. Bloomberg was born on February 14, 1942 in Boston, Massachusetts to middle-class parents, William Henry Bloomberg and Charlotte Rubens Bloomberg. He typically grew up in Medford, Massachusetts and he entered Johns Hopkins University, where he shouldered his school tuition through making loans and working as a parking lot attendant during summer. He graduated from the university in 1964, earning a Bachelor of Science degree in Electrical Engineering. In 1966, he got his MBA degree from Harvard Business School.

In 1975, he married Susan Brown. They have two daughters. They divorced in 1993.


After receiving his MBA degree, he worked for Salomon Brothers on Wall Street. In 1972, six years after he got hired, Bloomberg was made a partner and was appointed as head of stock trading, sales, and information systems. In 1981, Salomon was acquired and the merger forced Bloomberg out. He exited with $10 million in stock however. Eventually, Bloomberg established Innovative Market Systems in 1981 to sell financial data and analytic tools to Wall Street. It was renamed Bloomberg LP in 1987. Three years later, the company added news service to compete with Dow Jones and Reuters. It eventually diversified by expanding into the magazine, cable network, and radio station industries. Since then he has made his company grow exponentially each year.

In 2001, he entered public life when he was elected as Mayor of New York City. He ran on the Republican ballot even though he was an all-time Democrat, and spent $73 million of his own funds on his campaign. In 2007, he eventually changed his political affiliation to independent. In 2005, he was re-elected to serve as mayor by a margin of 20%, which was considered to be the largest margin ever for a Republican mayor of New York. Although Bloomberg got a 67% approval rating, it was reported that he spent $85 million for the 2005 election, which was $11 million more than in the first election in 2001.