Michael Bloomberg is the founder of Bloomberg L.P., a financial-data and media company. He is a former mayor of New York City, and a billionaire philanthropist who most recently was a 2020 Democratic presidential candidate. He has established his companies, plowed money into charitable works, and engaged in politics, not just domestically, but on a global level. This article will explore the history and accomplishments of this powerful businessman and leader.
Early Life and Education
Michael Bloomberg was born on Valentine’s Day, February 14, 1942, in a middle-class neighborhood of the Boston, Massachusetts. Growing up in a Jewish family, his father was an accountant and his mother a teacher. As a child, he was a voracious reader and enjoyed sports. He went on to attend Johns Hopkins University, where he studied engineering and decided to pursue a career in finance.
Career
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fter graduating in 1964, Bloomberg took a job at a Wall Street firm, Salomon Brothers. He proved himself to be a financial whiz and rose to the position of general partner. In 1981, he was laid off from Salomon and decided to use his severance pay to launch his own financial-data and media company, now known as Bloomberg L.P.
Bloomberg’s Innovations
Bloomberg L.P. has made major advances in data technology allowing investors to maintain a real-time view of the market through information on stocks, bonds, commodities, derivatives and currencies. The company even provided legal news for the first time and brokered deals between law firms and their clients. In addition to financial data, the company launched its own radio station, Bloomberg Radio, a business magazine and internet news service, Bloomberg.com.
Bloomberg’s Success in Politics
In 2001, Bloomberg made the jump from business to politics and was elected as mayor of New York. He was re-elected twice and served until 2013. During his tenure as mayor, he implemented many successful initiatives, such as tax cuts, balanced budgets, and improved public health initiatives like banning smoking in many public places. He is noted for his focus on sustainability in the city and helping to secure the city’s infrastructure after 9/11.
Philanthropy
Bloomberg is a noted philanthropist, having donated more than $7 billion in the past decade alone. His philanthropic efforts have gone towards causes such as climate change, gun violence, global health, education, and the arts. He has set up various organizations to fund specific initiatives, such as the Everytown for Gun Safety organization, which works to reduce gun violence in the US. Bloomberg also serves on the board of several charities, including the World Health Organization, the Robin Hood Foundation and the Coalition for Inclusive Capitalism.
2020 Presidential Bid
In 2019, Bloomberg officially announced his bid for the 2020 presidential election as a Democrat. He had initially planned to run in 2016, but changed his plans due to Donald Trump’s success in the Republican primary. Throughout the 2020 race, Bloomberg split his time between campaigning and his philanthropic work. In the end, he dropped out of the race and endorsed Joe Biden, who went on to be elected president.
Michael Bloomberg is a highly successful businessman and philanthropist, who has also distinguished himself in politics. He has spent his career innovating new technology, advocating for balanced budgets and implementing initiatives to improve public safety, sustainability and global health. Even though he did not become president, his impact on the country is still far-reaching and shows no signs of slowing down.
