Bloomberg, Michael (1942-…), an American politician and businessman, served as mayor of New York City from 2002 to 2013. Before his election as mayor, Bloomberg had been the president and founder of Bloomberg LP, a financial news and information service.
Michael Rubens Bloomberg was born in Boston on Feb. 14, 1942. He was raised in the nearby suburb of Medford, Massachusetts. He received a bachelor’s degree in electrical engineering from Johns Hopkins University in 1964. He earned a master’s degree from Harvard Business School in 1966. Following graduation, Bloomberg went to work as a processing clerk for Salomon Brothers, an investment firm in New York City.
In 1981, Bloomberg founded Innovative Market Systems (later renamed Bloomberg LP). The company’s success made him one of the richest people in the United States. Bloomberg has spent much of his wealth to support charitable, arts, and educational organizations.
In November 2001, New York City voters elected Bloomberg mayor. The election took place less than two months after the September 11 terrorist attacks that destroyed the World Trade Center (see September 11 terrorist attacks ). Bloomberg played a leading role in helping rebuild the city. He also gained recognition for his efforts to reduce crime, improve the city’s public school system, and educate people about the dangers of smoking and unhealthy eating. He chose to receive a salary of $1 per year as mayor. In 2006, Bloomberg became one of the founders of Mayors Against Illegal Guns. The group works to stop the trafficking of illegal guns and promote other gun control measures.
A Democrat for most of his life, Bloomberg ran as a Republican during the mayoral elections of 2001 and 2005. In 2007, he changed his political affiliation to independent. In 2008, Bloomberg sparked controversy for his strong support of a plan to amend New York City’s charter to allow the mayor and other elected officials to serve three four-year terms. The City Council approved a measure increasing the term limit from two terms to three. In November 2009 elections, Bloomberg won a third term as mayor. He served through Dec. 31, 2013.
In 2014, Bloomberg was appointed a United Nations special envoy for cities and climate change. He also returned to Bloomberg LP, the company he founded. While serving as mayor, Bloomberg had maintained a majority stake in the company but did not take part in its day-to-day operations. In November 2019, Bloomberg announced his candidacy for the 2020 Democratic Party nomination for president of the United States. He campaigned for the nomination until he dropped out of the race in March 2020.
