Michael Bloomberg: a master of many guises

Michael Bloomberg launched his financial data company after getting fired from Wall Street. Could the billionaire media magnate and former New York mayor now become president? 

Michael Bloomberg © Getty Images

Bloomberg: a reputation for smarts, sharp edges and occasional crassness

"No-one is more closely associated with New York City's 21st century renaissance than Michael Bloomberg," says The New York Times. Despite some personal flaws "crankiness, a tin ear" and a few "policy fiascoes", the Boston-born technocrat and self-made multibillionaire (worth $54bn) was a transformative mayor between 2002 and 2014. "Crime plummeted, schools improved, racial tensions eased, the arts flourished, tourism boomed and city coffers swelled."

New York to Washington?

Yet for all his accomplishments, he remains an enigma. Small in stature, with "a leaden tongue for public speaking and a business background based in dull analytics", he is "fascinating as a study of multi-sector success without star quality". "I offer myself as a doer and a problem-solver not a talker," says Bloomberg, 77. That much is evident from his career path, says Joshua Chaffin in the Financial Times. Born into a working-class family, he showed no great early academic promise but nonetheless got into the prestigious John Hopkins University and then Harvard Business School.

On graduation in 1966, Bloomberg headed for Wall Street, joining Salomon Brothers where he "earned a reputation for smarts, sharp edges and occasional crassness". That came back to bite him: "To his surprise but not that of his colleagues he was sacked after a 1981 merger." Bloomberg, then 39, rebounded from this setback in style. The following year, he ploughed his $10m severance into a new company called Innovative Market Systems. The plan was to sell financial data using a dedicated hardware terminal, initially called Market Master, noted The Fast Company in 2015.

Making it big

By the end of the decade, sales of the renamed Bloomberg Terminal were growing at some 30% a year. "By definition, any computing platform invented in the first half the 1980s" that has continued to survive "has accomplished something remarkable".

Bloomberg seriously "upset" established incumbents Dow Jones and Reuters a David-and-Goliath feat that impressed many of his fellow tycoons, says Chaffin. Rupert Murdoch once described him as "the most creative media entrepreneur of our time". Now he is "wielding his $54bn fortune like a bludgeon". Grabbing the White House might still seem "far-fetched" but then so has most of his career so far.

Recommended

The US Federal Reserve is about to rein in its money-printing – what does that mean for markets?
US Economy

The US Federal Reserve is about to rein in its money-printing – what does that mean for markets?

America’s central bank is talking surprisingly tough about tightening monetary policy. And it’s not the only one. John Stepek looks at what it all mea…
23 Sep 2021
Iris Apfel: an inspiration to young fashionistas
People

Iris Apfel: an inspiration to young fashionistas

Iris Apfel made her name as a high-society interior designer before a show at the New York Met turned her into a fashion influencer. At 100 years old,…
19 Sep 2021
Klarna’s Sebastian Siemiatkowski: fintech innovator gunning for the banks
People

Klarna’s Sebastian Siemiatkowski: fintech innovator gunning for the banks

Sebastian Siemiatkowski’s Klarna app allows customers to buy now, pay later, without racking up interest charges. He’s excited about the future. Regul…
12 Sep 2021
Pedro Castillo: leftist outsider who rode to power in Peru
People

Pedro Castillo: leftist outsider who rode to power in Peru

Pedro Castillo amassed support among the left-behind as a trade-union leader before riding to power in this year’s presidential race. What has the cou…
7 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021