Michael Bloomberg's biggest fortune began with what looked like a career setback. When Bloomberg was 39, his 15-year career at Wall Street investment bank Salomon Brothers came to an end in 1981. The firm was acquired by Phibro Corporation. A general partner at Salomon, Bloomberg received about $10 million for his stake and walked away from the only full-time job he had known.
Instead of retiring or joining another investment bank, he used the money to pursue an idea born from his years on Wall Street. The thought was financial professionals needed a faster, more efficient way to access market information. That idea eventually became Bloomberg LP, helping turn Bloomberg into one of the world's wealthiest people.
