BLOOMBERG


HOW HE GOT IT

Born in Boston in 1942, Bloomberg went to Johns Hopkins for Electrical Engineering and then returned to Boston in '64 and graduated from Harvard Business School with an MBA in '66. 7 years later he became a partner at the Wall Street investment bank Solomon Brothers. When Solomon Brothers was bought out in '81, Bloomberg had $10 million in equity shares paid out. He used that money to start the company that would eventually be named Bloomberg LP. Merrill Lynch poured a $30 million investment into the venture in '82.

Bloomberg LLC makes 85% of its money selling its "Terminal" software, and leases it for approximately $20,000 annually. With 325,000 subscriptions, that comes out to 6.8 billion in revenue just from selling software that shows you a lot of financial market data. You can look in damn near real time how many barrels oil wells in Western Kansas are putting out. These terminals can show you an insane array of data, and execute trades quickly. You think us regular people with an E*Trade account are gonna compete in that racket?

Oh, and people also use it as a rich peoples' craigslist. Seriously it's nuts.

At the end of the day Bloomberg founded a company that lets big financial firms leverage our future. Color me unimpressed.


WHAT HE DOES WITH IT

Bloomberg LP launched Bloomberg News in '90. In '92 Bloomberg Radio went live, Bloomberg TV launched in '94. Bloomberg bought Businessweek in '09 and launched Bloomberg Politics in 2014.

In 2001, Rudy Giulliani's term as mayor of New York City was up, and the next mayor was, in all likelihood, going to be a Democrat. While Mark Green and Fernando Ferrer fought in a tight Democratic primary with attack ads, Bloomberg switched his affiliation from Democrat to Republican and announced his candidacy. 9/11 happened. Coverage of the race took a backseat. Green defeated Ferrer in October. Rudy, who was very popular at the time, gave his support to Bloomberg. When it was all said and done Bloomberg outspent his opponent by $45 million and won by 2.4% of the vote.

In his three mayoral terms, Bloomberg's strong support for NYPD's stop-and-frisk policy caused a dramatic rise in stops: from 100,000 to almost 700,000 stops per year. After defending the policy (which dramatically disproportionately affected black and brown people) and bragging about crime rates for years, he's suddenly changed his tune. He apologized for supporting and encouraging the policy in November 2019, the same week that stories about his 2020 presidential run came out.

Bloomberg threatened presidential runs in 2008 and 2012, but ultimately just served out his time as mayor. In 2014, when his term was up, he returned to Bloomberg LP as CEO. He publicly considered running for president in the 2016 cycle. And, gearing up for the 2020 cycle, he again teased a possible run, or a $500 million campaign on behalf of the Democratic nominee. As of March, he announced he wouldn't run, but will instead focus on his renewable energy efforts with his Beyond Carbon campaign. In his announcement on March 5, he warned that the 2020 Democratic primary process shouldn't "drag the party to an extreme", which might be a hint that his $500 million pledge would only go to a more centrist, Wall-Street-Friendly Democratic candidate like Biden, Harris, Pete or Booker. 7 months later, as Sanders and Warren solidified their 1-2 spots atop the field, news broke that Bloomberg expects to enter the race. Bloomberg dropped out of the race after Super Tuesday and endorsed Biden. He spent over $500 million on his campaign and won 61 delegates.

In 2018, Mike raised money for Republican Rep. Peter King, a week after pledging $80 million to help the Dems win the house. In 2004, Mike spoke at the RNC, endorsing W. for a second term and praising the War on Terror. In the past 20 years of business, 64 employees brought forward nearly 40 discrimination and harassment lawsuits against Mike. Here's the court document of one of them.


LISTEN

Citations Needed "Episode 138: Thought-Terminating Enemy Epithets (Part II)" 6/9/21
Reply Guys "Drag His Ass: Michael Bloomberg" 3/4/20
Grubstakers "Episode 03: Michael Bloomberg" 2/24/18
Eat the Rich "Episode 17: Michael Bloomberg with Mike" 12/4/19


IN THE NEWS

EXCLUSIVE: Leaked Bloomberg Campaign NDA Protects Abusive Bosses
Ken Klippenstein, The Nation, 2/19/20

Michael Bloomberg is Not a Lesser Evil
Ben Burgis, Jacobin, 2/19/20

Mike Bloomberg Once Again Called Transgender People "It" And "Some Guy Wearing A Dress"
Dominic Holden, BuzzFeed, 2/18/20

Bloomberg's Billions: How the Candidate Built an Empire of Influence
Alexander Burns & Nicholas Kulish, The New York Times, 2/15/20

Why is Bloomberg's Long History of Egregious Sexism Getting a Pass?
Laura Bassett, GQ, 2/13/20

"A Republican Plutocrat Tries to Buy the Democratic Nomination"
Nathan J. Robinson, Current Affairs, 2/9/20

"Michael Bloomberg Built a $54 Billion Dollar Company. For 2 Decades, Women Who Worked There Have Called it a Toxic, Sexually Charged Nightmare."
Becky Peterson, J.K. Trotter & Nicole Einbinder, Business Insider, 11/26/19

"Sanders Blasts the 'Arrogance of Billionaires' While Discussing a Possible Bloomberg Run"
Peter Wade, Rolling Stone, 11/10/19

"Our Highest Office, My Deepest Obligation"
Michael Bloomberg, Bloomberg Opinion, 3/5/2019

"Warren Buffett Backs Bloomberg, Says a Howard Schultz Presidential Run Would be a 'Mistake'"
Hamza Shaban, Washington Post, 2/25/19

"Michael Bloomberg's $500 Million Anti-Trump Moonshot"
Marc Caputo, Politico, 2/13/2019

"Mike Bloomberg Prepared to Spend at Least $100 Million on a 2020 Campaign for President if he Decides to Run"
Brian Schwartz, CNBC, 10/27/2018

"I'd Vote for Michael in a Heartbeat': Wall Street's Case for President Bloomberg"
William D. Cohen, Vanity Fair, 11/25/2018

"The Problem with Michael Bloomberg's Massive Donation to Johns Hopkins University"
Helaine Olen, Washington Post, 11/20/2018

"Bloomberg May Run for President as a Democrat. Some of His Views May Cause Him Trouble."
Alexander Burns & Sydney Ember, New York Times, 9/17/2018

"Bloomberg's New Billionaire's Index has a $47 Billion Hole"
James Warren, Poynter, 3/2/2017

Inside the Bloomberg Machine
Greg MacSweeney, Wall Street & Technology, 3/23/11



NET WORTH

$59 BILLION