How Michael Bloomberg Became A Multi-Billionaire

Dave24

Dave24

Superstar
Joined
Dec 11, 2015
Messages
17,835
Reputation
2,849
Daps
23,767
I remember during the debate people were wondering how someone who was timid, weak, had no charisma, and no strong presence could have amassed billions of dollars. How could someone with his persona and demeanor become a leader and amass such a large fortune? I wondered it as well. Would any women be attracted to him without his wealth?

I admit I have low self esteem and am timid in terms of my persona and I have social anxiety. Yet this guy has billions of dollars and not me. :mjcry:






https://nypost.com/2020/02/20/how-michael-bloomberg-made-his-65-billion-net-worth/

With a multibillion-dollar net worth, former New York City Mayor Michael Bloomberg is the wealthiest person to run for president in US history.

The businessman and politician is worth a staggering $65.2 billion, according to Forbes’ real-time net worth tracker, making him the 8th richest person in the world.

He earned his fortune through his financial information and media company Bloomberg LP, which he co-founded in 1981 and now owns 88 percent of, Forbes reports.

Democratic socialist Sen. Bernie Sanders described Bloomberg’s wealth as “immoral” during Thursday’s 2020 Democratic presidential debate.

“Mike Bloomberg owns more wealth than the bottom 125 million Americans. That’s wrong. That’s immoral,” Sanders said.

But the mogul grew up in a middle-class neighborhood in Medford, Massachusetts. After graduating with a Bachelor of Science in electrical engineering from Johns Hopkins University in 1964, he earned his MBA from Harvard Business School.

Following his 1966 graduation, Bloomberg got a job at Salomon Brothers, then a major Wall Street investment bank, working in “The Cage,” a bank vault without air conditioning where the new graduate counted securities by hand — at times, in his underwear due to the heat, according to a 2001 profile in the New York Observer.

A year or so later, according to the profile, Bloomberg was promoted to work at the equities desk where he handled block trading — which essentially allowed larger clients to acquire or unload stocks in bulk.

Bloomberg became a general partner at Salomon Brothers in 1973. At that point, he was in charge of equity trading and systems development for the investment bank.

Bloomberg’s 15-year tenure with Salomon came to an end in 1981, when he was fired after the bank was bought out by Phibro Corporation.

In an interview with the New York Times, Bloomberg said that Phibro offered him a $10 million severance package after laying him off.

It was being fired, he said, which was the real beginning of his empire.

“If I hadn’t gotten fired from Salomon, which became part of Citigroup, I wouldn’t have gotten a $10 million severance, used my electrical engineering degree to begin my own information technology company and program a computer terminal for bond traders. I’d be working for my girlfriend now, who’s on the board of Citibank.”

The same year he was fired, Bloomberg founded Bloomberg LP — where he, along with his three co-founders, created a computerized system to provide real-time market data and other financial calculations to investment banks and Wall Street firms, which they sold as a subscription service.

That computer was eventually named the Bloomberg Terminal.

Merrill Lynch became the company’s first customer in 1983, and invested $30 million in the company in 1985, according to the New York Times. The company then branched out to other forms of media — including Bloomberg News, Bloomberg TV and Bloomberg Radio — during the early 1990s.

The successful businessman stepped down as CEO of Bloomberg LP in 2001 to pursue a political career — and assumed office as the Mayor of New York City in 2002. In 2014, he announced that he would return to Bloomberg LP as CEO but resigned again in 2019 to run for president.

Over this time, Bloomberg LP has grown exponentially. A subscription for a Bloomberg Terminal nowadays costs between $20,000 and $24,000 annually, and the company boasts more than 325,000 subscribers.

The success of the Bloomberg Terminal catapulted all of its founders to billionaire status. Bloomberg LP claimed $10 billion in revenue in 2018 and 2019.
Click to expand...


@Robbie3000

@SunZoo

@Loose

@jayshiggs

@SJUGRAD13

@AZBeauty

@goatmane

@Serious

@Dorian Breh

@Black Hans

@88m3

@Silky Johnson

@ORDER_66

@Don Drogo

@Hawaiian Punch

@Broke Wave

@BillBanneker

@dora_da_destroyer

@Based Lord Zedd

@FAH1223

@the cac mamba

@acri1

@19-

@jj23

@Pressure

@Skyfall

@ill

@Don Homer

@Spatial Paradox

@Geek Nasty

@rapbeats

@Malcolm SeXXX

@Joe Sixpack

@Mike_Pipeson

@Gus Money

@Apollo Kid

@saturn7

@Dameon Farrow

@duncanthetall

@Kenny West

@Wargames

@Lucky_Lefty

@Chef Mello

@DEAD7

@the next guy

@Worthless Loser

@Json

@bukkakebrovvn

@Paper Boi

@Pitfalls0117

@ZoeGod

@yseJ

@LurkMoar

@BaggerofTea

@Rhakim

@Shogun

@Mephistopheles

@MyAccount

@feelosofer

@Tyrant

@mastermind

@hashmander

@wtfyomom

@radio rahiem

@Princ3

@re'up

@Family Man
 
Robbie3000

Robbie3000

Veteran
Supporter
Joined
May 20, 2012
Messages
32,242
Reputation
6,340
Daps
143,840
Reppin
NULL
Dave24 said:
I remember during the debate people were wondering how someone who was timid, weak, had no charisma, and no strong presence could have amassed billions of dollars. How could someone with his persona and demeanor become a leader and amass such a large fortune? I wondered it as well. Would any women be attracted to him without his wealth?

I admit I have low self esteem and am timid in terms of my persona and I have social anxiety. Yet this guy has billions of dollars and not me. :mjcry:






https://nypost.com/2020/02/20/how-michael-bloomberg-made-his-65-billion-net-worth/




@Robbie3000

@SunZoo

@Loose

@jayshiggs

@SJUGRAD13

@AZBeauty

@goatmane

@Serious

@Dorian Breh

@Black Hans

@88m3

@Silky Johnson

@ORDER_66

@Don Drogo

@Hawaiian Punch

@Broke Wave

@BillBanneker

@dora_da_destroyer

@Based Lord Zedd

@FAH1223

@the cac mamba

@acri1

@19-

@jj23

@Pressure

@Skyfall

@ill

@Don Homer

@Spatial Paradox

@Geek Nasty

@rapbeats

@Malcolm SeXXX

@Joe Sixpack

@Mike_Pipeson

@Gus Money

@Apollo Kid

@saturn7

@Dameon Farrow

@duncanthetall

@Kenny West

@Wargames

@Lucky_Lefty

@Chef Mello

@DEAD7

@the next guy

@Worthless Loser

@Json

@bukkakebrovvn

@Paper Boi

@Pitfalls0117

@ZoeGod

@yseJ

@LurkMoar

@BaggerofTea

@Rhakim

@Shogun

@Mephistopheles

@MyAccount

@feelosofer

@Tyrant

@mastermind

@hashmander

@wtfyomom

@radio rahiem

@Princ3

@re'up

The man is smart obviously and he had an idea on how he can marry his banking and tech background.

The type of charisma (for lack of a better word) needed for leadership in corporate isn’t necessarily the type of charisma useful in a public space.
Click to expand...
 
A

analog

Superstar
Joined
Jun 21, 2012
Messages
5,445
Reputation
1,223
Daps
21,782
Reppin
Toronto
DEAD7 said:
Counting securities by hand in his underwear...:wow:
Click to expand...
To general partner in just seven years, then out the door with a $30M (adjusted for inflation) severance package eight years later
full
 
5n0man

5n0man

Superstar
Joined
May 2, 2012
Messages
17,541
Reputation
3,593
Daps
57,768
Reppin
CALI
All that opportunity handed to him during a time when black people weren't even allowed to participate.

:unimpressed:
 
W

wtfyomom

All Star
Joined
May 9, 2012
Messages
7,711
Reputation
-767
Daps
11,457
Reppin
NULL
he had it handed to him like every other billionaire, dont be jelly of a sociopath
 
You must log in or register to reply here.
Top