Michael Bloomberg is a famous career changer, American businessman, politician, and philanthropist. He has served as chair of the Defense Innovation Board, an independent advisory board since June 2022. The board provides recommendations on artificial intelligence, software, data, and digital modernization in the US Department of Defense.
Becoming CEO Of Bloomberg
After growing up in Medford, Massachusetts, Michael Bloomberg attended Johns Hopkins University, where he obtained a degree in electrical engineering. In 1966, after graduating from college, he began his career at the securities brokerage Salomon Brothers. He was earning a salary of $9,000 a year. Micheal got quickly promoted to equities desk, and in 1972 became a general partner at Salamon Brothers.
In a twist of events, in 1981, Micheal was fired after Phibro Corporation bought Salomon Brothers. His luck was that he got paid $10 million for his equity in the firm.
Bloomberg decided to make good use of the money and skills acquired in the first 15 years of his career. He set up a data services company named Innovative Market Systems (IMS), which was renamed Bloomberg L.P. in 1986. In his mind, Wall Street was ready to pay a premium for high-quality business information.
Over the years Bloomberg expanded to Bloomberg News, Bloomberg Radio, Bloomberg Message, and Bloomberg Tradebook, and Bloomberg spent the next twenty years of his career as Bloomberg Chairman and CEO.
Micheal Bloomberg’s career change – Becoming Mayor Of New York City
In 2001, Michael Bloomberg decided to run for mayor of New York City. His campaign was centered on his experience as a businessman and his ability to make the city’s government more efficient and effective. He defeated his opponents in the Democratic primary and general election, becoming the 108th mayor of New York City, after spending many years of his career as a successful businessman and philanthropist.
During his years as Mayor of NYC, he established public charter schools, rebuilt urban infostructure, and supported gun control, public health, and environment protection initiatives. In 2014, after a brief time spent as a full-time philanthropist, Micheal resumed his CEO position at Bloomberg. He then resigned in 2019 when he launched his self-founded U.S. presidential campaign for the Democratic nomination for president of the USA in the 2020 election.
In April 2023, Micheal Bloomberg has been ranked by Forbes as the seventh richest person in the world, with an estimated net worth of $94.5 billion. Previously, in August 2010, he signed The Giving Pledge to give away at least half of his wealth. Following that, he has given away $9.5 billion overall.
In his words: “I am a big believer in giving it all away and have always said that the best financial planning end with bouncing the check to the undertaker”.
And “If you want to do something for your children and show how much you love them, the single best thing – by far – is to support organizations that will create a better world for them and their children. And by giving, we inspire others to give of themselves, whether their money or their time.”
Did you enjoy reading about Micheal Bloomberg’s career change? You can discover more stories of famous career changers here.
Looking for more inspiration? Take the Free Career Test to find your purpose and ideal career.