During his 12 years as mayor, he received only $1 a year: Who is Michael Bloomberg?

Michael Rubens Bloomberg was born and raised in Boston, Massachusetts, on February 14, 1942. He served as mayor of New York for three consecutive terms between January 1, 2002 and December 31, 2013. He is among the richest people in the world with his personal wealth.

After graduating from the Johns Hopkins Department of Electronic Engineering, Bloomberg received his master's degree in business administration from Harvard and had his first work experience at Salomon Brothers in New York. Michael Bloomberg, who worked long hours here, rose step by step and became one of the name partners of the company in 1972.

Following the merger of Salomon Brothers and Phibro, a trading firm, in 1981, Michael Bloomberg was dismissed with a compensation of $10 million.

Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He served as the mayor of New York City for three terms from 2002 to 2013 and was a candidate for the 2020 Democratic nomination for president of the United States. He has served as chair of the Defense Innovation Board, an independent advisory board that provides recommendations on artificial intelligence, software, data and digital modernization to the United States Department of Defense, since June 2022.

After his dismissal, he founded a company called "Innovative Market Solutions". The company's aim was to enable stockbrokers to access and examine data more easily. Soon the “Bloomberg Terminal” was put into service. In addition to Merrill Lynch purchasing 22 units of the terminal, which was originally named "MarketMaster Terminal", it also invested 30 million dollars in Bloomberg's company.

The company, whose name was later changed to Bloomberg LP, achieved great success in the 80s and reached a value of 2 billion dollars in 1989. Later, the Bloomberg brand made new expansions and established a news channel (Bloomberg News) and a TV channel (Bloomberg TV).

MUNICIPALITY YEARS

Michael Bloomberg, who decided to enter politics in 2001, became the Republican candidate for mayor of New York. Bloomberg, who helped rebuild the city after the September 11 attacks, won the election and became mayor in 2002.

Bloomberg received just $1 a year for the job during his 12 years as mayor. On the other hand, he spent a total of 650 million dollars from his own pocket.

When he ran for the third term, he said that he would introduce a two-term rule as an election promise, and he won the election as the Mayor of New York for the third time.

Michael Bloomberg is also considered a leading philanthropist. He has donated over 2.5 billion dollars for various purposes to date through the association he founded. Following the $350 million he donated to his former school, Johns Hopkins, in 2013, the amount he donated to this school reached $1 billion. Following his latest major donations, Bloomberg has become the most philanthropic person alive to donate to a school in the United States.

THE IMPORTANCE IT GIVES TO CULTURE AND ART

Bloomberg, who served as Mayor of New York for three terms, is the founder of the media company Bloomberg and is also a well-known name in the art world. In addition to his identity as a collector (he is from the Hudson River School school and has a personal collection of twentieth-century masterpieces), he is known for his generous support of culture and arts initiatives.

During his mayoralty, he gave the most support to art among all local governments ever. By allocating a total of 3 billion dollars to culture and arts from 2002 to 2013, New York City made history as the largest single art fund in the USA.