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Michael Bloomberg: Self-made Billionaire
by Gabby Hyman
Business Programs Columnist
New York Mayor Michael Bloomberg created his own business career when he merged business with technology. His MBA and engineering education sparked the creation of Bloomberg's online financial network and billion-dollar profits.
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Son of a Massachusetts dairy bookkeeper, Michael Bloomberg rode the fast-moving wave of technology to create a Wall Street media group that earns $2.5 billion annually. His business career is a model of its kind, demonstrating how to transform personal drive and a solid MBA education into personal wealth topping $4 billion. Bloomberg's management savvy and commitment to educating the less fortunate have served him well as the popular mayor of New York City.
How did Michael Boomburg prepare for his business career?Bloomberg took loans and part-time jobs while attending Johns Hopkins University, where he completed an undergraduate degree in electrical engineering. Always interested in technology, Bloomberg realized he needed more than tech savvy to build a successful company. So, upon graduation, he entered the MBA program at Harvard. After completing the MBA, he took a Wall Street job with Salomon Brothers.
What made Bloomberg the financial success he is today?It was Bloomberg's idea to play matchmaker between Wall Street and high tech. The combination of an engineering degree and an MBA is popular today, but Bloomberg was among the first to see its merits. He built a business career in developing a computer information system to crunch financial data to send instantly to the Street. In forming Bloomberg LP, he provided information terminals to firms long before internet trading became popular. The company now has more than 100 international offices and Bloomberg is ranked the 34th wealthiest man in the world by Forbes Magazine.
Was it that easy for Bloomberg to rise to the top?
For Bloomberg, the moment of truth occurred in 1981 when Salomon Brothers -- where he had become a partner -- was sold and Bloomberg was fired. He used his severance and shares in Salomon to start Bloomberg LP, and began the digital transformation of Wall Street.
Michael Bloomberg Fast Facts:-
Quote: "I am what I am and, you know, I'm a very lucky guy."
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Net Worth: $5.0 billion
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Age: 62
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Hometown: New York, NY
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Education: Johns Hopkins University, Bachelor of Science; Harvard University, Master of Business Administration
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About the Author
Gabby Hyman has created online strategies and written content for Fortune 500 companies including eToys, GoTo.com, Siebel Systems, Microsoft Encarta, Avaya, and Nissan UK.
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