Michael R. Bloomberg – The self-made billionaire - Prime Insights - Business Magazine

Michael R. Bloomberg – The self-made billionaire

  • Michael R. Bloomberg A millionaire businessman and a former 3-term mayor of New York City, Michael Rubens Bloomberg, is a self-made star. With an estimated fortune of $62 billion, he stands as one of the richest men in the world. He served as the mayor of New York from 2011-13. To, understand Michael’s successes, it is essential to know how his earlier path was and how he landed upon this remarkable journey of life.
  • The 108th Mayor of New York City was born on 14th Feb 1942. He grew up in Medford, Massachusetts. After graduating from Johns Hopkins University and Howard Business School, his career began at Salomon Brothers, a security brokerage company.
  • After leaving Salomon Brothers, Michael set up a data service company named Innovative Market Systems (IMS). This company sold customized computer terminals, delivering real-time market data, analytics and other financial calculations to Wall Street firms. This terminal was called the Market Master terminal and was launched in December 1982.
  • In 1986, this company got renamed to Bloomberg LP and product such as Bloomberg Radio, Bloomberg News, Bloomberg Message and Bloomberg Tradebook were developed. Earning over 10 billion approx. revenue in 2018, the company’s 20,000 employees around various locations.
  • Today, Bloomberg has more than 325,000 terminal subscribers. The success of Bloomberg over the years has promoted it to become a remarkable brand among the other media, launching it across the news channels worldwide.
  • Back in 2001, Bloomberg decided to enter the political world and was finally selected as the Mayor of New York City under the Republican banner. In 2002, after taking over his position, he set about to re-organize the city and to restore its essence of pride. During his job tenure, Michael always used data and facts to change an enormous dynamic city run on instincts.
  • Bloomberg stripped out maximum City Hall offices, preferring to spend time in open-plan cubicles so that he could be at the city’s heart and observe the day-to-day operations. Michael heads Bloomberg LP as his most admiring creation and with his enduring philanthropy. He has donated around $2.5 billion to various other organizations through Bloomberg Philanthropies – a charitable organization under him.
  • Michael’s recent contribution includes a donation of around $100 million to Cornell University for constructing a new technical-focused graduate school in his city. He has also planned to widespread his evidence-based governance to distant towns and cities through a $42 million endowment for the betterment of municipal governments across the city. Not only this, but Michael has also been in charge of an advocate of gun control, donating some $50 million for Stricter Firearm Regulations.
  • The former Mayor of New York City has not only been politically active but also acted as an innovator and a grand pragmatist. Earlier in 2018, he had also launched the American City’s Climate Challenge contributing $70 million to 20 cities for fighting climate change.
  • Due to his tremendous capacity to sell his vision regarding an industrial development, he brought in dynamic growth in the world of data and analytics

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