This is how Michael Bloomberg got rich

This is how Michael Bloomberg got rich

This is how Michael Bloomberg got rich, the man who transformed stock information into a valuable consumer item

Michael Bloomberg is a story of a self-made man, one of those who likes so much in Hollywood and who ended up coining the expression “it is only possible in the United States.” Both his paternal grandfather and his maternal grandmother of him were Russian immigrants.

Michael Rubens Bloomberg was born into that Jewish family on February 14, 1942, the son of a real estate agent. Young Michael made several moves until the Bloombergs ended up settling in Medford, one of the suburbs of Boston. Michael lived there until he graduated from Johns Hopkins University with a degree in Electrical Engineering.

To cover his daily expenses and not deplete the family finances, Michael Bloomberg worked various jobs during his college years to cover his expenses on his own, the first, when he was still a teenager, as a valet. It was the early 1960s, when Bloomberg was between 16 and 17 years old, and his salary was only two dollars an hour, a fair bit, but enough for basic economic independence.

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Things would change soon after, after earning his MBA from Harvard Business School. Already in New York, trying to establish himself in the stock market scene, it was not long before he showed his attitude until he had access to Salomon Brothers, one of the reference investment banks of Wall Street. It was there that Bloomberg learned the value of information and the price people were willing to pay for it.

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And so, after a decade of building a name for himself in the world’s most influential financial district, in the late 1970s he decided to create his own company, Bloomberg LP, dedicated to providing financial software, data and news. To begin with, it had the support of Merrill Lynch, which became its biggest client and ended up investing $30 million that helped establish it as the leading stock information firm. Over time, the Bloomberg media emporium grew to reach all fields and formats. According to Forbes’s list of great fortunes, Bloomberg’s wealth reaches $41 billion, making him the ninth richest person in the world.

But far from settling for his business career, Bloomberg became mayor of New York in 2002, running the city continuously until 2013. The experience must not have been too unpleasant, and last year he decided to return to the political arena to confront Donald Trump. Trump in the next presidential elections. He has spent $500 million of his own pocket to finance the campaign, but in early March he announced that he has decided to withdraw, supposedly so that the fight between the Democratic candidates would not undermine the common cause against Trump: “Three months ago I entered the race for to be president to defeat Donald Trump. Today, I am leaving the race for the same reason: to defeat Donald Trump, because it is clear to me that staying will make it more difficult to achieve that goal,” he told his supporters. In or out of the political race, Bloomberg will undoubtedly remain an obvious influence in the United States.

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