By Florence Gaitho on March 7 2014
Michael Bloomberg is an American entrepreneur, politician and philanthropist. He is the founder and majority owner of Bloomberg L.P, a global financial data and media company, which is mostly notable for its Bloomberg Terminal. Bloomberg served as the 108th Mayor of New York City, a position he maintained for 3 consecutive terms since his first election in the year 2001. As mayor, this self-made billionaire was entitled to about $2.7 million in salary over three terms, but he instead opted to earn only $1 annually.
Bloomberg was born on 14th February, 1942 in the Brighton neighborhood of Boston into a Jewish family. He obtained a Bachelor of Science in Electrical Engineering from Johns Hopkins University in 1964. He obtained his Master of Business Administration from Harvard Business School. In the year 1973, Bloomberg assumed the role of general partner at Salomon Brothers, where he became the head of equity trading.
Bloomberg was laid off from Salomon Brothers in 1981 after the bulge-bracket Wall Street investment bank was bought. He was given a $10 million severance package, which he used to establish his own company known as Innovative Market Systems. In 1987, the company was named Bloomberg L.P. By 1990, his company had installed about 8,000 terminals. Over the years, Bloomberg has overseen the launch of various ancillary products such as Bloomberg Tradebook, Bloomberg Message and Bloomberg News.
Bloomberg currently has an estimated net worth of $31 billion, which makes him one of the wealthiest people in the United States as well as in the world. In 2012, Forbes listed him as the 11th richest person in the United States and the 20th richest person in the world, with his then net worth of $22 billion. In 2013, Forbes listed him as the 13th richest person with an estimated net worth of $31 billion. In the same year, he was selected as the inaugural laureate of the Genesis Prize, which is a $1 million award given annually for Jewish values.
Bloomberg is also an active philanthropist and has contributed to numerous charitable organizations. His Bloomberg Philanthropist foundation focuses on five core areas, which include government innovation, education, public health, the environment and the arts. Through his foundation, he has pledged and/or donated millions of money. Some of the recipients of his donations include the World Health Organization, World Lung Foundation, John Hopkins Bloomberg School of Public Health and Centers for Disease Control and Prevention. Reports indicate that Bloomberg had donated about $110 million in over 555 grants and over 60 countries to campaigns against tobacco.
Bloomberg is married to Susan Brown, whom he married in 1975. In 1993, they got divorced, though they claim to have remained best friends despite their parting. They both have 2 daughters namely Emma (born in 1979) and Georgina (born in 1983). The 2 daughters were featured on a documentary film about the children of the extremely wealthy titled “Born Rich”. Bloomberg is currently living with Dianna Taylor, who’s the former state banking superintendent of New York.
Florence Gaitho is a Kenyan Citizen and saying that she likes writing would be an understatement. She is a passionate writer and writing has always been her first love. Florence studied at Mount Kenya University, where she attained a Bachelor of Arts Degree. She has been a professional web content/blog/article writer since 2011, and has written articles on diverse fields.