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The Times of India
The Times of India
World
TOI World Desk

Michael Bloomberg was fired from a Wall Street bank after 15 years. He used his $10 million payout to build a $109 billion fortune and has given away $25.4 billion

Michael Bloomberg Salomon Brothers Bloomberg LP Salomon Bloomberg Philanthropies Johns Hopkins Johns Hopkins University Merrill Lynch

Michael Bloomberg was 39 when his 15-year career at Wall Street investment bank Salomon Brothers came to an end in 1981. A general partner at the firm, Bloomberg left as Salomon was being acquired by Phibro Corporation and received about $10 million for his stake. Rather than use the money to retire or join another Wall Street firm, he put it towards an idea shaped by his years in finance. Bloomberg believed financial professionals needed faster and more efficient access to market information, and he set out to build a company around that idea. The venture became Bloomberg LP and eventually grew into a global financial information and media company. Forbes now estimates Bloomberg's fortune at about $109.4 billion and his lifetime charitable giving at $25.4 billion.

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