Michael Bloomberg Bio, Wiki, Age, height, Education, Networth, Family and More

Career

In 1966, he was hired for a job earning $9,000 per year at Salomon Brothers, a large Wall Street investment bank. Salomon Brothers later promoted him to the equities desk. He became a general partner at Salomon Brothers in 1972; he headed equity trading and, later, systems development. Phibro Corporation bought Salomon Brothers in 1981, and the new management fired Bloomberg, paying him $10 million for his equity in the firm.

Using the money he received from Phibro, Bloomberg—having designed in-house computerized financial systems for Salomon—set up a data services company named Innovative Market Systems (IMS) based on his belief that Wall Street would pay a premium for high-quality business information, delivered instantaneously on computer terminals in a variety of usable formats. The company sold customized computer terminals that delivered real-time market data, financial calculations and other analytics to Wall Street firms. The terminal, first called the Market Master terminal, was released to market in December 1982.

In 1986, IMS renamed itself Bloomberg L.P. Over the years, ancillary products including Bloomberg News, Bloomberg Radio, Bloomberg Message, and Bloomberg Tradebook were launched. Bloomberg, L.P. had revenues of approximately $10 billion in 2018. As of 2019, the company has more than 325,000 terminal subscribers worldwide and employs 20,000 people in dozens of locations.

The culture of the company in the 1980s and 1990s has been compared to a fraternity, with employees bragging in the company's office about their sexual exploits. The company was sued four times by female employees for sexual harassment, including one incident in which a victim claimed to have been raped. To celebrate Bloomberg's 48th birthday, colleagues published a pamphlet entitled Portable Bloomberg: The Wit and Wisdom of Michael Bloomberg. Among various sayings that were attributed to him, several have subsequently been criticized as sexist or misogynistic.

When he left the position of CEO to pursue a political career as the mayor of New York City, Bloomberg was replaced by Lex Fenwick and later by Daniel L. Doctoroff, after his initial service as deputy mayor under Bloomberg. After completing his final term as the mayor of New York City, Bloomberg spent his first eight months out of office as a full-time philanthropist. In fall 2014, he announced that he would return to Bloomberg L.P. as CEO at the end of 2014, succeeding Doctoroff, who had led the company since February 2008. Bloomberg resigned as CEO of Bloomberg L.P. to run for president in 2019.

Bloomberg assumed office as the 108th mayor of New York City on January 1, 2002. He won re-election in 2005 and again in 2009.