Famous Quote
“In God we trust. Everyone else, bring data.”
Why #57
Bloomberg built the terminal that runs global finance — an unbreakable monopoly generating $12B+/year. He then became NYC's mayor and one of the largest philanthropists in history, demonstrating that business empire-building and public service can coexist.
The Story
Michael Bloomberg was fired from Salomon Brothers in 1981 and used his $10 million severance to build Bloomberg LP, a financial data and media company that became the backbone of global finance. The Bloomberg Terminal — a $25,000/year subscription service used by 325,000+ financial professionals — generates $12B+ in annual revenue and has an effective monopoly on real-time financial data.
The Bloomberg Terminal's dominance is one of the most remarkable competitive moats in business. Despite decades of attempts by competitors (including Reuters, FactSet, and dozens of startups), no one has displaced it. The terminal's combination of data, analytics, messaging, and community effects makes it indispensable to traders, portfolio managers, and analysts worldwide.
Bloomberg then became a three-term mayor of New York City (2002-2013), spending $260M+ of his own money on campaigns. He ran the largest city in America like a data-driven CEO, implementing smoking bans, bike lanes, and public health initiatives that were controversial at the time but widely copied afterward. He also briefly ran for president in 2020, spending over $1 billion. Bloomberg Philanthropies has donated $17.4B+ to education, environment, public health, and the arts.
Key Achievements
Founded Bloomberg LP (1981) — now generates $12B+/year revenue
Bloomberg Terminal: 325,000+ subscribers, $25K/year each
Three-term Mayor of New York City (2002-2013)
Bloomberg Philanthropies: $17.4B+ donated
Built an unbreakable monopoly in financial data
Launched Bloomberg News, Bloomberg TV, Bloomberg Radio
By the Numbers
$12B+/yr
Bloomberg Revenue
325,000+
Terminal Subscribers
$17.4B+
Philanthropic Giving
3
NYC Mayor Terms
Fun Facts
He was fired from Salomon Brothers after 15 years — his $10M severance funded Bloomberg LP.
The Bloomberg Terminal was originally called the 'Market Master' — Merrill Lynch was the first customer.
He spent over $1 billion on his 2020 presidential campaign, which lasted about 100 days.
He has signed the Giving Pledge, committing to donate the majority of his wealth.
He flies commercial on JetBlue and takes the subway to work at Bloomberg's Manhattan headquarters.
Frequently Asked Questions
Who are the greatest entrepreneurs of all time?
The greatest entrepreneurs include Steve Jobs (Apple), Elon Musk (Tesla/SpaceX), Jeff Bezos (Amazon), Bill Gates (Microsoft), and Mark Zuckerberg (Meta). Each built companies that fundamentally changed how the world works — from personal computing and smartphones to e-commerce, cloud computing, and social media.
What makes someone a successful entrepreneur?
Successful entrepreneurs share several traits: the ability to identify unmet needs, willingness to take calculated risks, relentless execution, and resilience in the face of failure. They combine vision with practical problem-solving and are willing to persist long after most people would quit. Capital and credentials matter far less than most people think — resourcefulness beats resources.
Can you become an entrepreneur without a business degree?
Absolutely. Many of the greatest entrepreneurs had no business education. Steve Jobs dropped out of college. Richard Branson left school at 16. Sara Blakely was selling fax machines. Henry Ford had no formal engineering training. Jack Ma was an English teacher. What matters is not the degree — it is the ability to see an opportunity, build something people want, and persist through failure.
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