Michael Bloomberg is an American businessman, politician, author, and philanthropist. As of June 2018, his net worth was estimated at $51.8 billion, making him the 8th-richest person in the United States and the 11th richest person in the world. He has joined The Giving Pledge, whereby billionaires pledge to give away at least half of their wealth.
Bloomberg attended Johns Hopkins University, where he joined the fraternity Phi Kappa Psi. In 1962, as a sophomore, he constructed the school’s mascot, the blue jay. He graduated in 1964 with a Bachelor of Science degree in Electrical Engineering. In 1966 he graduated from Harvard Business School with a Master of Business Administration.
In 1973, Bloomberg became a general partner at Salomon Brothers, a bulge-bracket Wall Street investment bank, where he headed equity trading and, later, systems development. In 1981, Salomon Brothers was bought by Phibro Corporation, and Bloomberg was laid off from the investment bank. He was given no severance package, but owned $10 million worth of equity as a partner at the firm.
Using this money, Bloomberg went on to set up a company named Innovative Market Systems. His business plan was based on the realization that Wall Street (and the financial community generally) was willing to pay for high-quality business information, delivered as quickly as possible and in as many usable forms possible, via technology (e.g., graphs of highly specific trends).