Michael Bloomberg facts for kids

Quick facts for kids Michael Bloomberg
Bloomberg in 2015
Chair of the Defense Innovation Board
Incumbent
Assumed office June 22, 2022
Preceded by	Mark Sirangelo
108th Mayor of New York City
In office January 1, 2002 – December 31, 2013
Deputy	Patricia Harris
Preceded by	Rudy Giuliani
Succeeded by	Bill de Blasio
Personal details
Born	Michael Rubens Bloomberg (1942-02-14) February 14, 1942 (age 83) Boston, Massachusetts, U.S.
Political party	Democratic (before 2001, 2018–present)
Other political affiliations	Republican (2001–2007) Independent (2007–2018)
Spouse	Susan Brown-Meyer ​ ​ (m. 1975; div. 1993)​
Domestic partner	Diana Taylor (2000–present)
Children	2, including Georgina
Education	Johns Hopkins University (BS) Harvard University (MBA)
Occupation	Politician philanthropist author businessman
Signature

Michael Rubens Bloomberg (born February 14, 1942) is an American businessman and politician. He is the main owner and co-founder of Bloomberg L.P.. He was its CEO from 1981 to 2001 and again from 2014 to 2023.

Bloomberg served as the mayor of New York City for three terms. This was from 2002 to 2013. He also ran for president in 2020. In 2024, President Joe Biden gave him the Presidential Medal of Freedom. This is a very high honor. Since June 2022, he has led the Defense Innovation Board. This group advises the United States Department of Defense on new technologies.

Bloomberg grew up in Medford, Massachusetts. He went to Johns Hopkins University and Harvard Business School. He started his career at Salomon Brothers. In 1981, he created his own company, Bloomberg L.P.. This company provides financial information, software, and media. It is famous for its Bloomberg Terminal. Bloomberg was its chairman and CEO for 20 years.

In April 2024, Forbes magazine said he was the 13th richest person in the world. His net worth was about $106.2 billion. Bloomberg has promised to give away most of his money. He has already given $17.4 billion to good causes. After being a full-time philanthropist for a short time, he returned to Bloomberg L.P. as CEO in late 2014.

Bloomberg was elected the 108th mayor of New York City in 2001. He won re-election in 2005 and 2009. As mayor, he focused on policies that were socially open-minded and financially careful. He used a management style based on facts and data.

As mayor, Bloomberg started public charter schools. He also rebuilt city structures. He supported gun control and public health programs. He also worked on environmental protection. After the September 11 attacks, he helped rezone large parts of the city. This led to a lot of new buildings. He had a big impact on New York City's politics, business, and culture. He also faced criticism for the city's "stop and frisk" program. He later apologized for supporting it.

In November 2019, Bloomberg started his campaign for president. He wanted to be the Democratic nominee. He ended his campaign in March 2020. He had only won 61 delegates. He spent $935 million of his own money on his campaign. This was a record for a U.S. presidential primary campaign.

Early Life and Education

Bloomberg was born on February 14, 1942. He was born in Boston, Massachusetts. His parents were William Henry Bloomberg and Charlotte Rubens Bloomberg. His family is Jewish. He is a member of the Temple Emanu-El in Manhattan. His grandfathers were Jewish immigrants from Poland and Belarus.

His family lived in Allston and Brookline, Massachusetts. They finally settled in Medford, Massachusetts. He lived there until after college.

Bloomberg became an Eagle Scout at age twelve. He finished Medford High School in 1960. He then went to Johns Hopkins University. He got a degree in electrical engineering in 1964. In 1966, he earned his MBA from Harvard Business School.

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  Bloomberg in Johns Hopkins University's 1964 yearbook
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  Bloomberg in Medford High School's 1960 yearbook

He wrote a book about his life called Bloomberg by Bloomberg.

Business Career

In 1966, Bloomberg started working at Salomon Brothers. This was a big Wall Street investment bank. He became a partner in 1972. He led their stock trading and systems development. In 1981, Salomon Brothers was bought by another company. Bloomberg was let go, but he received $10 million for his share in the company.

Bloomberg used this money to start his own company. He had designed computer systems for Salomon. He believed that financial companies would pay for quick, high-quality business information. His new company, Innovative Market Systems (IMS), sold special computer terminals. These terminals gave real-time market data and financial tools. The first terminal was released in December 1982.

In 1986, IMS changed its name to Bloomberg L.P. Over time, they added other products. These included Bloomberg News, Bloomberg Radio, and Bloomberg Tradebook. In 2018, Bloomberg L.P. made about $10 billion. As of 2019, the company had over 325,000 users worldwide. It employed 20,000 people in many locations.

When Bloomberg left to become mayor, others took over as CEO. After his time as mayor, he spent eight months working on charity. In late 2014, he announced he would return as CEO of Bloomberg L.P. He stepped down again in 2019 to run for president.

In January 2024, Bloomberg was part of a group that bought the Baltimore Orioles baseball team.

Wealth

In March 2009, Forbes magazine said Bloomberg's wealth was $16 billion. This was the biggest increase in wealth worldwide that year. He moved from 142nd to 17th on the Forbes list of billionaires in just two years. In 2019, he was the ninth richest person. His net worth was estimated at $55.5 billion. Currently, his net worth is about $106 billion. He is ranked 12th on Forbes' list of billionaires.

Political Career

Mayor of New York City

Bloomberg became the 108th mayor of New York City on January 1, 2002. He won re-election in 2005 and 2009. At first, his approval ratings were low. But he later became very popular. He joined a small group of Republican mayors who were re-elected in the mostly Democratic city.

Bloomberg wanted to improve public education during his first term. He aimed to address poverty in his second term.

As mayor, Bloomberg used a data-driven approach to manage the city. He gave his department leaders a lot of freedom. He also changed the layout of his office. It became an open office like a trading floor. This was to encourage teamwork and openness.

Bloomberg chose to be paid only $1 per year as mayor.

As mayor, Bloomberg turned a $6 billion budget deficit into a $3 billion surplus. He did this mostly by raising property taxes. He increased city money for affordable housing. This plan created or saved about 160,000 affordable homes. In 2003, he banned smoking in all indoor workplaces, including bars and restaurants. Many other cities followed this example. In 2006, New York City was the first U.S. city to ban trans-fat from all restaurants.

Bloomberg also created bicycle lanes. He made chain restaurants show calorie counts. He also made much of Times Square into pedestrian-only areas. In 2011, he started the NYC Young Men's Initiative. This program helped young Black and Latino men. He personally gave $30 million to it. In 2010, he supported a plan for an Islamic center near Ground Zero.

Under Bloomberg, the New York City Police Department increased its "stop and frisk" program. This policy was challenged in court. The court said it violated people's rights and encouraged racial profiling. Bloomberg's team appealed, but the next mayor stopped the appeal. After the September 11 attacks, Bloomberg's administration also oversaw a program that watched Muslim communities. This program ended in 2014.

In a January 2014 poll, 64 percent of voters called Bloomberg's 12 years as mayor "mainly a success."

Mayoral Elections

2001 Election

In 2001, New York's mayor, Rudy Giuliani, could not run again. This was because of term limits. Bloomberg, who had always been a Democrat, decided to run as a Republican. The primary election started on September 11, 2001. It was postponed due to the September 11 attacks. In the new primary, Bloomberg won. He became the Republican candidate.

Bloomberg received Giuliani's support. He also spent a lot of money on his campaign. He spent $73 million of his own money. This was five times more than his opponent.

After the September 11 attacks, Bloomberg's team successfully brought the 2004 Republican National Convention to New York.

2005 Election

Bloomberg was re-elected mayor in November 2005. He won by a large margin of 20 percent. This was the biggest win for a Republican mayor in New York City. He spent almost $78 million on this campaign.

2009 Election

On October 2, 2008, Bloomberg announced he wanted to run for a third term. New York City had a law limiting mayors to two terms. Bloomberg said he wanted to handle the financial crisis and improve city services. The City Council voted to change the term limit law. They voted 29–22 to allow three terms. Bloomberg signed the bill into law on November 3.

Bloomberg's decision to run for a third term caused some debate. Some people felt it went against the democratic process.

Bloomberg won against his opponent, Bill Thompson. He spent $109.2 million on his 2009 campaign.

2013 Election

On September 13, 2013, Bloomberg said he would not support any candidate to replace him. He wanted the next mayor to succeed.

Bloomberg praised The New York Times for supporting Christine Quinn and Joe Lhota. He criticized Bill de Blasio's campaign methods. He called them "racist" at first, but later softened his remarks.

On January 1, 2014, de Blasio became the new mayor, taking over from Bloomberg.

Post-Mayoral Political Involvement

Bloomberg was often thought of as a possible candidate for president in 2008 and 2012. He was also considered for governor of New York in 2010. But he decided not to run for any of these offices.

After Hurricane Sandy in 2012, Bloomberg wrote an article supporting Barack Obama for president. He mentioned Obama's policies on climate change.

2016 Elections

On January 23, 2016, it was reported that Bloomberg was thinking about running for president. He would run as an independent candidate. This was the first time he confirmed he was considering it. However, on March 7, he announced he would not run.

In July 2016, Bloomberg spoke at the 2016 Democratic National Convention. He said Hillary Clinton was "the right choice." He warned about the dangers of a Donald Trump presidency. He said Trump was wrong about many things. Trump responded by criticizing Bloomberg on social media.

2018 Elections

In June 2018, Bloomberg promised $80 million to support Democratic candidates. He wanted to help Democrats win control of the House of Representatives. He said Republican leaders had failed. By early October, he had given over $100 million. On October 10, 2018, Bloomberg announced he had rejoined the Democratic party.

2020 Presidential Campaign

On March 5, 2019, Bloomberg said he would not run for president in 2020. He wanted the Democratic party to choose a strong candidate to defeat Donald Trump. But he changed his mind later. He officially started his campaign on November 24, 2019.

Bloomberg used his own money to fund his campaign. He did not accept donations.

His campaign struggled after poor performances in two TV debates. Others criticized his wealth and spending. They also mentioned his past as a Republican.

Bloomberg joined the race late. He skipped the first four state primary elections. He spent $676 million of his own money. This was a record for a presidential primary campaign. His campaign ran many ads on TV, online, and radio. He also spent a lot on campaign offices and staff. His support in polls never went above 15 percent. He ended his campaign on March 4, 2020. He had only won American Samoa. He then supported Joe Biden.

Bloomberg said he was "making an investment in this country." He wanted to remove President Trump from office.

At the 2020 Democratic National Convention, Bloomberg criticized Trump's handling of the COVID-19 pandemic and the economy.

Defense Innovation Board

In February 2022, Bloomberg was chosen to lead the Defense Innovation Board. He was sworn in on June 22, 2022.

Political Positions

Bloomberg was a Democrat until 2001. Then he became a Republican to run for mayor. In 2007, he became an independent. In October 2018, he registered as a Democrat again. He has supported both Republican and Democratic presidents.

As Mayor of New York, Bloomberg supported public health programs. These included efforts to control tobacco. He raised the legal age to buy tobacco. He banned smoking in indoor workplaces. He also increased cigarette taxes. He banned artificial trans fats in restaurants. He tried to ban large sugary drinks, but it was unsuccessful. These ideas were supported by health groups. But some people called them "nanny state" policies.

Bloomberg has supported both progressive and more conservative ideas. He supports a public health insurance option. He is very concerned about climate change. He has worked to reduce greenhouse gases. He supported the Iraq War. He has also supported using surveillance to prevent crime and terrorism.

He used to strongly support "stop-and-frisk." In November 2019, he apologized for this. He wants to reverse many of the Trump tax cuts. His tax plan includes a 5 percent extra tax on incomes over $5 million a year. He is against a wealth tax. He has also suggested stronger rules for banks.

In the 2020 general election, Bloomberg spent $115 million to support Joe Biden's campaign. He also helped other Democrats in local races. He raised money to pay court fines for Black and Hispanic voters in Florida.

Philanthropy

In August 2010, Bloomberg signed The Giving Pledge. This is a promise by wealthy people to give away at least half their money. Since then, he has given away $9.5 billion. In 2019, he gave away $3.3 billion. He was the most generous philanthropist that year.

His Bloomberg Philanthropies foundation focuses on several areas. These include public health, the arts, government, the environment, and education. In 2018, he gave or promised $767 million through the foundation. In 2019, he gave over $1 billion.

Some groups that received money in 2011 include the Campaign for Tobacco-Free Kids and the Johns Hopkins Bloomberg School of Public Health. He also secretly gave money to the Carnegie Corporation for many years. This money went to many New York City organizations. He continues to support the arts.

Bloomberg gave $254 million to almost 1,400 non-profit groups in 2009. He believes in giving away all his money.

Environmental Advocacy

Bloomberg is an environmentalist. He has supported policies to fight climate change since he was mayor. In September 2023, The New York Times called him the "world's single largest funder of climate activism." He wants the U.S. to switch from fossil fuels to clean energy. In 2011, Bloomberg Philanthropies gave $50 million to the Sierra Club's Beyond Coal campaign. This helped close coal-fired power plants. In 2015, he gave another $30 million to this effort. In 2019, he promised $500 million to a new "Beyond Carbon" initiative. This aims to close remaining coal plants by 2030. In September 2023, he committed another $500 million to "finish the job on coal."

Bloomberg Philanthropies also gave $6 million to the Environmental Defense Fund. This was to support strict rules on fracking.

In 2013, Bloomberg started the Risky Business initiative. This group works to show businesses the economic risks of climate change. In 2015, Bloomberg Philanthropies partnered with the Heising-Simons family. They launched the Clean Energy Initiative. This supports state-based solutions for clean energy.

Since 2010, Bloomberg has played a bigger role in global environmental issues. He led the C40 Cities Climate Leadership Group. This group helps cities reduce carbon emissions. He also works with Oceana to help reform fisheries.

In 2014, the UN Secretary General appointed Bloomberg as his Special Envoy for Cities and Climate Change. He helps the UN work with cities on climate change. He resigned in 2019 but was re-appointed in 2021.

In 2014, Bloomberg and other leaders launched the Compact of Mayors. This is a group of mayors who promise to reduce emissions. In 2015, Bloomberg and the Paris mayor created the Climate Summit for Local Leaders.

After President Donald Trump announced the U.S. would leave the Paris climate agreement, Bloomberg started 'America's Pledge'. This group of cities, states, and businesses promised to honor the agreement. Bloomberg offered $15 million to the UN climate body.

In September 2022, Bloomberg launched Beyond Petrochemicals. This campaign aims to stop the building of new petrochemical plants. It also targets plastic pollution.

Bloomberg is a global adviser to the Earthshot Prize. His foundation is a founding partner. The prize gives money to projects that achieve climate and sustainability goals.

Johns Hopkins University Philanthropy

As of 2019, Bloomberg has given over $3.3 billion to Johns Hopkins University. This is his old university. He is the most generous living donor to any U.S. education institution. His first gift was $5 in 1965. He became the first person to give over $1 billion to one U.S. university.

Bloomberg's gifts have greatly improved Johns Hopkins. They helped build a children's hospital (named after his mother). They also funded a physics building, a public health school, and research facilities. In 2018, he gave another $1.8 billion. This allows the university to offer need-blind admission. This means they accept students based on talent, not ability to pay. They also meet the full financial need of admitted students.

Other Educational and Research Philanthropy

In 1996, Bloomberg gave $3 million to Harvard University. This honored his father.

In 2015, Bloomberg gave $100 million to Cornell Tech. This is a graduate school of Cornell University. Through Bloomberg Philanthropies, he started the American Talent Initiative in 2016. This helps more high-achieving, lower-income students go to top colleges. In 2016, the Museum of Science, Boston received a $50 million gift from Bloomberg. This was the largest donation in the museum's history.

Urban Innovation Philanthropy

In 2011, Bloomberg launched a $24 million program. It funded "Innovation Delivery Teams" in five cities. These teams help governments find new solutions. In 2013, he started the Mayors Challenge competition. This encourages innovation in American cities. It later expanded to Latin America and Europe.

In 2016, Bloomberg gave Harvard $32 million. This created the Bloomberg Harvard City Leadership Initiative. It trains mayors and their staff.

In March 2021, Bloomberg gave Harvard $150 million. This created the Bloomberg Center for Cities. It supports mayors.

Tobacco, Gun Control, and Public Health

Bloomberg has given a lot of money to global tobacco control efforts. He has donated almost $1 billion to the World Health Organization (WHO). This is to promote anti-smoking efforts. His contributions help countries monitor tobacco use. They also help create strong tobacco-control laws and public campaigns. Bloomberg Philanthropies and the Campaign for Tobacco-Free Kids launched a $160 million campaign. This campaign is against youth vaping.

Bloomberg is a co-founder of Everytown for Gun Safety. This group advocates for gun control.

In 2016, the World Health Organization named Bloomberg its Global Ambassador for Noncommunicable Diseases.

Other Philanthropy

Bloomberg supported the Fresh Air Fund's 'Open Spaces in the City' in 2020. This provided safe places for kids to play during the COVID-19 pandemic. He gave $3 million for a new public library in his hometown of Medford. He also gave $75 million for The Shed. This is a new arts center in Manhattan.

In September 2023, the Perelman Performing Arts Center opened. Bloomberg supported it with $130 million. He is its chair. This art center is part of the redevelopment of the World Trade Center site.

After the Hamas attack on Israel in October 2023, Bloomberg promised to match donations to the Israeli Red Cross. By October 19, 2023, he had matched $25 million in donations.

Bloomberg also gave money to his hometown synagogue, Temple Shalom. It was renamed the William and Charlotte Bloomberg Jewish Community Center of Medford.

In 2009, Bloomberg met with other billionaires like Warren Buffett and Bill Gates. They discussed issues like the environment and health care.

Electoral History

Personal Life

Family and Relationships

In 1975, Bloomberg married Susan Elizabeth Barbara Brown. They have two daughters: Emma Beth (born around 1979) and Georgina Leigh (born 1983). They were featured in a 2003 documentary called Born Rich. Bloomberg and Brown divorced in 1993. He says she is still his "best friend." Since 2000, Bloomberg has lived with Diana Taylor.

Bloomberg's younger sister, Marjorie Tiven, has worked for New York City since 2002.

Religion

Bloomberg attended Hebrew school and had a bar mitzvah. His family kept a kosher kitchen. Today, he lives a mostly secular life. He goes to synagogue mainly during the High Holidays and for a Passover Seder. His daughters did not have bat mitzvahs. They do not follow a strict Jewish lifestyle.

Awards and Honors

In 2024, President Joe Biden gave Bloomberg the Presidential Medal of Freedom. This is the highest civilian honor in the U.S.

Bloomberg has received many honorary degrees from universities. These include Tufts University, Harvard University, and Johns Hopkins University. He also gave the commencement speech at Johns Hopkins in 2010.

He has received awards for leadership and public service. He was the first winner of the annual Genesis Prize in 2013. This prize is for Jewish values. He donated the $1 million prize money to a competition for young adults.

Time 100 named Bloomberg one of the most influential people in the world in 2007 and 2008. In 2010, Vanity Fair ranked him #7 on its list of influential figures.

In 2014, Queen Elizabeth II made Bloomberg an Honorary Knight Commander of the Order of the British Empire. This was for his business and charity work that helped the United Kingdom and the U.S.-U.K. relationship.

In January 2025, Bloomberg received the Department of the Navy Distinguished Public Service Award.

Books and Other Works

Bloomberg wrote a book about his life called Bloomberg by Bloomberg with Matthew Winkler. It was first published in 1997. A second edition came out in 2019. Bloomberg also wrote Climate of Hope: How Cities, Businesses, and Citizens Can Save the Planet (2017) with Carl Pope. This book appeared on The New York Times best-seller list. Bloomberg has also written many articles for The New York Times. These articles are about topics like climate change, financial aid for students, and e-cigarettes.

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See also

In Spanish: Michael Bloomberg para niños

• List of Harvard University people
• List of Johns Hopkins University people
• List of people from Boston
• List of philanthropists
• List of richest American politicians
• Timeline of New York City, 2000s–2010s