Bloomberg, Michael Rubens

The Columbia Encyclopedia, 6th ed.

Bloomberg, Michael Rubens

Michael Rubens Bloomberg, 1942–, American businessman and politician, mayor of New York City (2002–), b. Boston, Mass. Bloomberg studied at Johns Hopkins (B.S., 1964) and Harvard Business School (M.B.A., 1966). Rising quickly in the world of finance, he became a partner at Salomon Brothers, but in 1981, after a merger, he was fired. Anticipating a growing need for business information, he used his $10 million severance to start a financial data and communications company, Bloomberg L.P. The company grew rapidly into a huge multifaceted enterprise that provides real-time financial and business data as well as historical data and analysis and electronic communications and produces television and radio programs. Bloomberg himself became a multibillionaire and a noted philanthropic donor, pledging more than $1 billion to Johns Hopkins Univ. Long a Democrat, he ran in 2001 for New York mayor as a Republican, spending record-breaking amounts of his own money, and was elected to succeed Rudolph Giuliani. He was reelected in 2005. In 2007 he quit the Republican party, becoming an independent, but after mayoral term limits were ended he won (2009) a third term as a Republican, retiring at the end of 2013. He was appointed United Nations special envoy for cities and climate change in 2014.

See his autobiography (1997); biography by J. Purnick (2009).

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