How #MichaelBloomberg became the richest man in media ~ CNN Business

New York(CNN) Entrepreneur and philanthropist-turned politician Michael Bloomberg has been called one of most successful New York mayors in the city’s history. 

Now the 77-year-old media mogul apparently wants to be president, too. He is preparing to file paperwork in Alabama to qualify for that state’s presidential primary. He has one big supporter already–fellow billionaire businessman Leon Cooperman, an outspoken critic of leading Democratic candidate Elizabeth warren.

Just how did Bloomberg, a Boston native and son of an accountant and a secretary, amass his fortune? 

Wall Street as we know it today wouldn’t exist without his innovations. After earning his MBA from Harvard Business School in 1966, he got a job counting securities by hand in the “The Cage” at the former New York investment bank known as Salomon Brothers. 

Bloomberg became a Wall Street star at the firm, whose leaders later convinced him to manage the company’s fledgling computer systems unit in 1979.

Michael Bloomberg and friend John Gutfreund In 1975

Bloomberg is wealthy enough to fund his own campaign. Forbes estimates his current net worth at $52.4 billion–an amount that dwarfs not only the value of President Donald Trump’s real estate empire, but also the fortunes of fellow media moguls Rupert Murdoch, Ted Turner, and Sumner Redstone combined.

Story Credit: CNN Business

Categories: Business, Politics

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