Who is Michael Bloomberg?

Published by Thomas Herold in Economics, Investments

'Bloomberg' is explained in detail and with examples in the Economics edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition.

Bloomberg is a multimedia news and financial data services provider company. It puts decision makers in touch with an enormous network of ideas, people, and information. Bloomberg rapidly deploys financial and business news, information, insight, and general news to people around the world.

The company provides important decision makers with the necessary edge through financial and business information intelligence. The company is named for New York billionaire businessman, philanthropist, and politician Michael Bloomberg.

Three other individuals founded Bloomberg L.P. alongside Michael Bloomberg. These were Thomas Secunda, Charles Zegar, and Duncan MacMillan. In less than ten years from the company’s beginnings, it boasted more than 10,000 individual installations of the Bloomberg Professional service. This groundbreaking service delivered data, information, and analytics. That same first decade saw Bloomberg L.P. open up offices throughout the globe and launch their ubiquitous Bloomberg News.

In its second decade of existence, Bloomberg’s subscriptions increased massively to 150,000. The company launched Bloomberg Tradebook so that individual traders were able to place stock trades directly via the Bloomberg Professional service. They also created Bloomberg.com that decade.

In the most recent decade, the company experienced an even more rapid pace of growth. Impressive technological ideas and innovation helped propel Bloomberg L.P. as the professional’s information choice for news, data, and analytics. Subscriptions again doubled, increasing to more than 300,000. This was in part thanks to new and improved algorithms that helped finance and financial professionals to remain a step ahead of their industry competition.

Today Bloomberg.com covers markets, technology, politics, opinion, business week, and collectors’ interests. Parts of the site require a paid subscription, while other portions of the news and financial data site remain free to users. Today the site has a global circulation with more than 980,000 subscribers living in 150 countries of the world.

Principle founder Michael Bloomberg has used the springboard of his international multimedia news and financial company to successfully launch himself into politics. He served as Mayor of New York City for three terms from 2002 to 2014. The billionaire founding businessman attended John Hopkins and Harvard, which he paid for with his own efforts. He worked his way to partner level at investment firm Salomon Brothers. It was the founding of his own self-titled company that brought Bloomberg to international fame.

This company remade the way that financial information became distributed around the world. In the process it turned him into a billionaire. Bloomberg constructed his company on the platform of a financial information computer. This revolutionized both the storage and consumption of securities and financial data. The company became so incredibly successful that it expanded into the global media business. In the process it opened up over 100 offices around the globe.

In the late 1990s, Michael Bloomberg used his among the greatest in the world fortunes to become a philanthropist. He funded countless endeavors centering on medical research, education, and the arts. In 1997, he published his own autobiography entitled Bloomberg by Bloomberg.

By 2002, Michael Bloomberg had won election as mayor of New York City as a Republican. He served the legally allowed two terms after winning re-election. In the midst of the 2008 global financial crisis and Great Recession, Bloomberg changed the city statutes to allow himself to run for a third consecutive term. Running as an independent, he won and served a controversial third term until the city had recovered from the devastation wrought by the terrible financial crisis.

Though he has mostly been known as a liberal Republican, in 2016 Michael Bloomberg decided to endorse democratic candidate for President Hillary Clinton over his long time republican candidate rival Donald Trump.

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The term 'Bloomberg' is included in the Economics edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition.