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Michael Bloomberg Net Worth

Michael Rubens Bloomberg  is an American politician, businessman, philanthropist, and author. He is the majority owner and co-founder of Bloomberg L.P.. Michael Bloomberg net worth 2020 is $57.5 billion.

Michael Bloomberg Profile

Bloomberg was born at St. Elizabeth’s Hospital, in Brighton, a neighborhood of Boston, Massachusetts, on February 14, 1942, to William Henry Bloomberg, a bookkeeper for a dairy company, and Charlotte (née Rubens) Bloomberg.

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Bloomberg graduated from Medford High School in 1960 and proceeded to John Hopkins University where he studied electrical engineering. Bloomberg also hold a Master Degree in Business Administration from the Harvard Business School.

Michael Bloomberg net worth

Business career

In 1973, Bloomberg became a general partner at Salomon Brothers, a large Wall Street investment bank, where he headed equity trading and, later, systems development.

In 1981, Salomon Brothers was bought by Phibro Corporation, and Bloomberg was laid off from the investment bank with a $10 million cash buyout of his partnership stake in the firm.

The company sold customized computer terminals that delivered real-time market data, financial calculations and other analytics to Wall Street firms

In 1986, the company 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

Michael Bloomberg Net worth 2020

In March 2009, Forbes reported Bloomberg’s wealth at $16 billion, a gain of $4.5 billion over the previous year, the world’s biggest increase in wealth from 2008 to 2009.

Michael Bloomberg net worth

Bloomberg moved from 142nd to 17th in the Forbes list of the world’s billionaires in only two years. In the 2019 Forbes list of the world’s billionaires, he was the ninth-richest person; his net worth was estimated at $55.5 billion. In 2020, Bloomberg net worth is estimated at $57.5 billion

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Political career

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

On March 5, 2019, Bloomberg had announced that he would not run for president in 2020. Instead, he encouraged the Democratic Party to “nominate a Democrat who will be in the strongest position to defeat Donald Trump”. However, due to his dissatisfaction with the Democratic field, Bloomberg reconsidered. He officially launched his campaign for the 2020 Democratic nomination on November 24, 2019.

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Bloomberg self-funded his campaign from his personal fortune, and did not accept campaign contributions.

His support in nationwide opinion polls hovered around 15 percent but stagnated or dropped before Super Tuesday. Bloomberg suspended his campaign on March 4, 2020, after a disappointing Super Tuesday in which he won only American Samoa. He subsequently endorsed former Vice President Joe Biden.