Question

What idea or innovation Michal Bloomberg is known for?

Answer 1

Michael Rubens Bloomberg is an American businessman, politician, author, and philanthropist. As of April 2019, his net worth was estimated at $62.1 billion, making him the 6th-richest person in the United States and the 9th richest person in the world.

Bloomberg is one of the founders, CEO, and owner of Bloomberg L.P., a global financial services, software and mass media company that bears his name, and is notable for its Bloomberg Terminal, a computer software system providing financial data widely used in the global financial services industry. He began his career at the securities brokerage Salomon Brothers, before forming his own company in 1981 and spending the next twenty years as its chairman and CEO.

Bloomberg went on to set up a company named Innovative Market Systems. His business plan was based on the realization that Wall Street was willing to pay for high-quality business information, delivered as quickly as possible and in as many usable forms possible, via technology.

In 1982, Merrill Lynch became the new company's first customer, installing 22 of the company's Market Master terminals and investing $30 million in the company. The company was renamed Bloomberg L.P. in 1987. By 1990, it had installed 8,000 terminals. Over the years, ancillary products including Bloomberg News, Bloomberg Message, and Bloomberg Tradebook were launched.

As of October 2015, the company had more than 325,000 terminal subscribers worldwide. His company also has a radio network which currently has 1130 WBBR AM in New York City as its flagship station. He left the position of CEO to pursue a political career as the mayor of New York City.