How The Billionaire Michael Bloomberg Made His Fortune

With an astounding fortune translating to $33.7 billion, the former mayor of New York City, Michael Bloomberg has just recently featured on the exclusive list associated with the richest of the “self-made” billionaires in the world.

Even though his 12 years as a mayor ended in the year 2013, he remains as active as ever, and makes sure he continues to spend plenty of this fortune as he goes along.

He has hopes to give away this fortune before his life comes to an end. From the earlier days associated with working on Wall Street onto his philanthropic generous donations, here is how he made and continues to spend his money.

The Beginning

Born on the 14th of February in 1942, he spent his child hood years growing up in the small town of Medford, Massachusetts. After he graduated with a degree in Electrical Engineering from John Hopkins and then earning his MBA from Harvard, he landed his first employment in New York at Salomon Brothers where his job entailed spending many hours counting bonds and stocks in the vault of the bank. He went onto move through the ranks and in 1972 was named one of the partners.

In the year 1978, he was given the position of running the companies’ information-technology division which was a demotion but he still stayed on for another 3 years until the company made a merge with Phibro the commodity trading business that let Michael go with a severance pay of $10 million.

Michael Bloomberg First Company

He then went onto develop his own company that he first called Innovative Market Solutions. This business played the role of making it an easier task for the traders to go through extensive data. This progressed onto a debut of Bloomberg’s terminal first called the MarketMaster terminal and Merrill Lynch bought 22 of these investing around $30 million into the business.

The company was later renamed Bloomberg LP and went onto achieve significant success in the era of the 80’s and by 1989 had a worth of $2 billion. This resulted in Bloomberg progressing onto other media forms that included Bloomberg TV and Bloomberg News.

In the year 2001, he decided to go into politics where he ran for the mayor position in New York as a Republican. He took up office in 2002 and assisted in rebuilding this city after the 9/11 attacks. His 12 year run ended in 2013 and refusing to go into retirement a year after leaving he returned to his original role as the CEO for Bloomberg LP where he continues to be incredibly hands-on.

He also controls an extremely impressive Real-Estate portfolio and in 2013 he owned around 14 properties around the world. He is also widely known as a philanthropist and has gone to donate more than $2.5 billion of different causes. Even though he has left the world of politics, the crowd at Wall Street hopes he will return one day to run for a position in the White House.

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