What is Michael Bloomberg’s Net Worth in 2019 and How Did He Make His Money?
Michael Bloomberg has entertained the idea of a presidential run for quite a while now, but it seems that it could be more real than ever. Last anyone heard, he was taking steps to have his name on the ballot in Alabama. Bloomberg would run as a democrat with policies likely more moderate than most of his opponents. However, some are concerned that the United States doesn’t need another billionaire running for office. But how much is Bloomberg actually worth — and how did he get so rich?
Bloomberg became a partner at an investment bank in the 1970s
Bloomberg was born and raised in Massachusetts, and he didn’t start seeing massive wealth until he was in his 30s. Back in the 1960s, after his flat feet caused him to be rejected from the Officer Candidate School of the US Armed Forces, he took a job at an investment bank called Salomon Brothers. According to Business Insider, his salary was $9,000 per year ($73,000 today). Bloomberg worked in the bank’s vault, where he put in up to 12 hours per day six days per week. But in a short period of time, it paid off.
Bloomberg made partner — but was laid off and launched his own company
Only six years later, Bloomberg worked hard and made partner at Salomon Brothers. But after the company laid him off in 1981, Bloomberg took his $10 million bond payout and invested $4 million into his own startup: Innovative Market Solutions, which was a computer system designed to provide information about the bond markets. After Merrill Lynch invested $30 million into the company in 1982 for a 30% stake, the business took off. Bloomberg then purchased back Merrill Lynch’s stake eight years later for $200 million; the company was worth $2 billion less than a decade after it was launched.
Today, he’s worth an estimated $52 billion
Bloomberg’s wealth has grown massively since he first started his own business. He later launched various media companies, such as Bloomberg TV and Bloomberg Radio, and today, Wall Street would hardly be able to survive without the technology he built. His company monitors markets all over the world, and his wealth has skyrocketed to a staggering $52 billion, making him one of the richest people in the world.
Bloomberg has been flirting with a presidential run
Bloomberg became involved in politics when he decided to run for mayor in 2001. Though he had been a democrat before deciding to run, he switched to the republican party with the hopes of gaining support from both sides. Though New York City is largely a democratic city, Bloomberg won the race in 2001 and ended up serving three terms as mayor. Ever since, he’s always remained in touch with politics, and people have questioned whether he would run for president. On November 7, 2019, news broke that Bloomberg was laying the foundation for a late start to the 2020 presidential election.