Editing Michael Bloomberg (section)

== Business career ==
[[File:2012 Bloomberg Terminal by jm3 - Creative Commons licensed.jpg|thumb|A 2012 [[Bloomberg Terminal]] with a multi-monitor set-up composed of six screens]]

In 1966, Bloomberg was hired for a job earning $9,000 per year<ref name="auto">{{Cite news|url=https://www.theguardian.com/media/2001/nov/08/usnews.internationalnews|title=How tycoon made millions|date=November 8, 2001|newspaper=The Guardian}}</ref> at [[Salomon Brothers]], a large [[Wall Street]] [[investment bank]].<ref name=":3">{{Cite web|url=https://www.businessinsider.com/michael-bloomberg-biography-2012-7|title=How Michael Bloomberg Went From Bond Trader To Billionaire Media Mogul With One Incredible Machine|last=Meserve|first=Myles|website=Business Insider|access-date=March 16, 2020}}</ref> Salomon Brothers later promoted him to the equities desk.<ref name="auto"/> Bloomberg became a [[general partner]] at Salomon Brothers in 1972; he headed [[equity trading]] and, later, [[systems development]].<ref name=":3"/> [[Phibro Corporation]] bought Salomon Brothers in 1981, and the new management fired Bloomberg, paying him $10&nbsp;million for his equity in the firm.<ref>{{cite book|last=Bloomberg|first=Michael|url=https://archive.org/details/bloombergbybloom00bloo|title=Bloomberg by Bloomberg|publisher=John Wiley & Sons, Inc.|year=1997|isbn=0-471-15545-4|chapter=The Last Supper|chapter-url=https://archive.nytimes.com/www.nytimes.com/books/first/b/bloomberg-bloomberg.html|url-access=registration}}</ref><ref>{{cite news |first=Patrick |last=McGeehan |url=https://www.nytimes.com/2009/02/19/nyregion/19bankers.html |title=City Will Help Retrain Laid-Off Wall Streeters |newspaper=The New York Times |date=February 18, 2009 |url-access=limited}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2017/02/01/education/edlife/mike-bloomberg-salomon-brothers.html|title=Michael Bloomberg on How to Succeed in Business|last=Roberts|first=Sam|date=February 1, 2017|work=The New York Times|access-date=January 21, 2020|language=en-US|issn=0362-4331 |url-access=limited}}</ref>

Using the money he received from Phibro, Bloomberg—having designed in-house computerized financial systems for Salomon—set up a data services company named Innovative Market Systems (IMS)<ref name="Stewart" /> based on his belief that Wall Street would pay a premium for high-quality business information, delivered instantaneously on computer terminals in a variety of usable formats.<ref>{{cite book |url=https://books.google.com/books?id=DsJn4397J1cC&pg=PA26 |page=26 |title=The Battle for Wall Street: Behind the Lines in the Struggle that Pushed an Industry into Turmoil |isbn=978-0-470-44681-2 |last1=Goldberg |first1=Richard |date=January 23, 2009 |publisher=John Wiley & Sons }}</ref> The company sold customized [[computer terminal]]s that delivered real-time market data, financial calculations and other analytics to Wall Street firms. The terminal, first called the Market Master terminal, was released to market in December 1982.<ref>{{cite news|url=https://www.fastcompany.com/3051883/the-bloomberg-terminal|title=How the Bloomberg Terminal Made History—And Stays Ever Relevant|website=Fast Company|date=October 6, 2015|first=Harry|last=McCracken|access-date=February 27, 2020}}</ref>

In 1986, IMS renamed itself Bloomberg L.P.<ref name=":3" /> Over the years, ancillary products including [[Bloomberg News]], [[Bloomberg Radio]], Bloomberg Message, and Bloomberg Tradebook were launched.<ref>{{Cite book|last=Pasiuk|first=Laurie|url=https://books.google.com/books?id=mTEOrAa2g5EC&q=Bloomberg%20News,%20Bloomberg%20Radio,%20Bloomberg%20Message,%20and%20Bloomberg%20Tradebook%20were%20launched&pg=PA33|title=Vault Guide to the Top Media & Entertainment Employers|date=2005|publisher=Vault Inc.|isbn=978-1-58131-337-6|language=en}}</ref> Bloomberg, L.P. had revenues of approximately $10&nbsp;billion in 2018.<ref name="Stewart" /> As of 2019, the company has more than 325,000 terminal subscribers worldwide and employs 20,000 people in dozens of locations.<ref name="Stewart" />

The culture of the company in the 1980s and 1990s has been compared to a fraternity, with employees bragging in the company's office about their sexual exploits.<ref name=nyt>{{cite news|last=Grynbaum|first=Michael M.|date=November 14, 2019|title=Bloomberg's Team Calls His Crude Remarks on Women 'Wrong'|url=https://www.nytimes.com/2019/11/14/us/politics/michael-bloomberg-women.html|work=[[The New York Times]]|access-date=November 14, 2019|url-access=limited}}</ref><ref>{{Cite web|url=https://www.businessinsider.com/michael-bloomberg-crass-sexual-jokes-demeaning-comments-women-stint-mayor-2020-3|title=Mike Bloomberg made crass sexual remarks about women in the workplace as recently as 2014, according to a former executive|last=Campbell|first=Nicole Einbinder, Dakin|website=Business Insider|access-date=March 18, 2020}}</ref> The company was [[Bloomberg L.P.#Controversies|sued four times by female employees]] for [[sexual harassment]], including one incident in which a victim claimed to have been raped.<ref name=vv>{{cite news |last=Barrett |first= Wayne|date=October 30, 2001 |title=Bloomberg's Sexual Blind Spot |url=https://www.villagevoice.com/2001/10/30/bloombergs-sexual-blind-spot/ |work= Village Voice|location= New York|access-date= October 30, 2019}}</ref><ref name="atlantic">{{cite news |last=Garber |first=Megan|date=September 19, 2018 |title='I'd Do Her': Mike Bloomberg and the Underbelly of #MeToo|url=https://www.theatlantic.com/entertainment/archive/2018/09/mike-bloomberg-comments-women-metoo/570448/ |work= Atlantic|access-date= October 30, 2019}}</ref> To celebrate Bloomberg's 48th birthday, colleagues published a pamphlet entitled ''[[The Portable Bloomberg: The Wit and Wisdom of Michael Bloomberg]]''. Among various sayings that were attributed to him, several have subsequently been criticized as sexist or misogynistic.<ref>Among the contents of the 1990 publication are a suggestion that if women wanted to be known for their intelligence, they would spend less time at [[Bloomingdale's]] and more at the library; as well as a joke that if Bloomberg terminals could provide oral sex, it would put female employees out of work.</ref><ref name=abc>{{cite news |last=Pezenik |first=Sasha |date=December 16, 2019 |title=Booklet of Mike Bloomberg's 'Wit and Wisdom' could haunt him during presidential bid: Critics |url=https://abcnews.go.com/Politics/booklet-mike-bloombergs-wit-wisdom-haunt-presidential-bid/story?id=67744181 |work=ABC News |access-date=December 16, 2019 }}</ref><ref name=nyt />

When he left the position of CEO to pursue a political career as the mayor of New York City, Bloomberg was replaced by Lex Fenwick<ref>{{cite web |url=http://www.dowjones.com/djcom/leadership/LFenwick.asp |title=Lex Fenwick's biography |archive-url=https://web.archive.org/web/20131202221539/http://www.dowjones.com/djcom/leadership/LFenwick.asp |archive-date=December 2, 2013 |work=[[dowjones.com]] }}</ref><ref>{{Cite web|url=https://www.reuters.com/article/dowjones-fenwick-correcte-idUSL1E8L706D20121009|title=CORRECTED-RPT-INSIGHT-The Lex Factor roils Dow Jones|date=October 9, 2012|website=Reuters.com}}</ref> and later by [[Daniel L. Doctoroff]], after his initial service as deputy mayor under Bloomberg.<ref>{{Cite news|url=https://www.bbc.com/news/business-29057587|title=Ex-New York mayor back at Bloomberg|date=September 4, 2014|work=BBC News|access-date=March 18, 2020|language=en-GB}}</ref> After completing his final term as the mayor of New York City, Bloomberg spent his first eight months out of office as a full-time philanthropist. In fall 2014, he announced that he would return to Bloomberg L.P. as CEO at the end of 2014,<ref name="Andrew Ross Sorkin">{{cite news |url=https://www.nytimes.com/2014/09/04/business/media/michael-bloomberg-to-return-as-chief-of-company-he-founded.html |title=Michael Bloomberg to Return to Lead Bloomberg L.P. |work=[[The New York Times]] |first=Andrew Ross |last=Sorkin |date=September 3, 2014 |author-link=Andrew Ross Sorkin |url-access=limited}}</ref> succeeding Doctoroff, who had led the company since February 2008.<ref name="Andrew Ross Sorkin" /><ref>{{cite news |url=https://www.forbes.com/lists/2008/54/400list08_Michael-Bloomberg_C610.html |archive-url=https://archive.today/20090701035143/http://www.forbes.com/lists/2008/54/400list08_Michael-Bloomberg_C610.html |url-status=dead |archive-date=July 1, 2009 |title=The 400 Richest Americans: #8 Michael Bloomberg |date=September 17, 2008 |access-date=September 17, 2008 |work=[[Forbes]]}}</ref><ref>{{Cite web|url=https://www.usatoday.com/story/money/business/2014/09/03/bloomberg-returns-bloomberg-lp/15047285/|title=Bloomberg returns to media company as CEO leaves|last=Yu|first=Roger|website=USA TODAY|language=en-US|access-date=March 18, 2020}}</ref> Bloomberg resigned as CEO of Bloomberg L.P. to run for president in 2019.<ref name=Stewart>{{cite news |title=How Mike Bloomberg made his billions: a computer system you've probably never seen |last1=Stewart |first1=Emily |date=December 11, 2019 |url=https://www.vox.com/2020-presidential-election/2019/12/11/21005008/michael-bloomberg-terminal-net-worth-2020 |access-date=December 11, 2019 |work=[[Vox (website)|Vox]]}}</ref>

In January 2024, [[John P. Angelos]] reached a $1.725 billion deal to sell the [[Baltimore Orioles]] to a group led by [[David Rubenstein]]. The group included Bloomberg, former Baltimore Mayor [[Kurt Schmoke]], [[Cal Ripken]], New York investment manager Michael Arougheti and NBA legend [[Grant Hill]].<ref>{{cite news |last1=Allentuck |first1=Andy Kostka,Pamela Wood,Danielle |title=John Angelos agrees to sell Orioles to group led by David Rubenstein, Cal Ripken Jr. |url=https://www.thebaltimorebanner.com/sports/orioles-mlb/baltimore-orioles-sale-john-angelos-david-rubenstein-JXHAPWXKSNFS7JR3K6KRCC4LEY/ |access-date=31 January 2024 |work=The Baltimore Banner |date=31 January 2024 |language=en}}</ref><ref>{{cite news |last1=Trister |first1=Noah |title=David Rubenstein has a deal to buy the Baltimore Orioles for $1.725 billion, AP source says |url=https://apnews.com/article/baltimore-orioles-david-rubenstein-sale-dffd7b500dc97d432ad1e739df656a67 |access-date=31 January 2024 |work=AP News |date=31 January 2024 |language=en}}</ref><ref>{{cite news |last1=Kostka |first1=Andy |title=Kurt Schmoke and Michael Bloomberg part of new O's ownership, sources say |url=https://www.thebaltimorebanner.com/sports/orioles-mlb/orioles-ownership-group-michael-bloomberg-kurt-schmoke-grant-hill-david-rubenstein-cal-ripken-jr-QACXXKA3UJCUNHK4FOSQG25TPQ/ |access-date=31 January 2024 |work=The Baltimore Banner |date=31 January 2024 |language=en}}</ref>

=== Wealth ===
In March 2009, ''[[Forbes]]'' reported Bloomberg's wealth at $16&nbsp;billion, a gain of $4.5&nbsp;billion over the previous year, the world's biggest increase in wealth from 2008 to 2009.<ref>{{cite news |author=Farrell, Andrew |title=Billionaires Who Made Billions More |work=[[Forbes]] |url=https://www.forbes.com/2009/03/10/made-millions-worlds-richest-people-billionaires-2009-billionaires-gainer_slide_2.html |access-date=July 26, 2012}}</ref> Bloomberg moved from 142nd to 17th in the ''Forbes'' list of the world's billionaires in only two years.<ref>{{cite news |url=https://www.forbes.com/lists/2007/10/07billionaires_Michael-Bloomberg_C610.html |title=The World's Billionaires |work=Forbes |date=March 8, 2007 }}</ref><ref>{{cite news |url=https://www.forbes.com/lists/2009/10/billionaires-2009-richest-people_Michael-Bloomberg_C610.html |title=The World's Billionaires |work=Forbes |date=March 1, 2009 }}</ref> In the 2019 ''Forbes'' list of the world's billionaires, he was [[The World's Billionaires#2019|the ninth-richest person]]; his net worth was estimated at $55.5&nbsp;billion.<ref>{{cite magazine |url=https://www.forbes.com/profile/michael-bloomberg/?list=billionaires#2edb600d1417 |title=#9 Michael Bloomberg |magazine=[[Forbes]] |year=2019 |access-date=March 4, 2020}}</ref> In 2021, Bloomberg's net worth was estimated at $106&nbsp;billion, ranking him 12th on ''Forbes''{{'}} list of billionaires.<ref>{{Cite web|url=https://www.forbes.com/billionaires/|title=Forbes Billionaires 2021: The Richest People in the World|website=[[Forbes]]}}</ref>