Michael Bloomberg is one of the world's most well-known businessmen and billionaires. He has been the CEO of corporations and went into politics for most of his career. So, how does Michael Bloomberg donate to charity? Please keep reading to learn more about his career and his philanthropic endeavors.
Who is Michael Bloomberg?
Michael Bloomberg is a very wealthy businessman and philanthropist. He is currently the 15th richest person in the world, with a total wealth of approximately $85 billion. Bloomberg is perhaps most famous for his time as the Mayor of New York City. He also ran for President of the United States in 2020 but lost the race despite his staggering budget and campaign spending.
Micheal Bloomberg also served in many capacities in the government, including as the chair of the Defense Innovation Board, which provides insight and advice to help advance and integrate technology for the United States Department of Defense. At the beginning of his professional career, Michael Bloomberg took over the Salomon Brothers brokerage before rebranding it Bloomberg L.P. In 1981. He later renamed the company Bloomberg Terminal and generated millions in wealth.
Michael Bloomberg's Beginnings
Michael Bloomberg was born to William and Charlotte Bloomberg on February 14, 1942, in Boston. He hails from a Jewish family and is still a member of the Temple Emanu-El, located in Manhattan, New York, to this day.
He grew up in various suburbs throughout Massachusetts as a child. His family finally decided to settle down in Medford, Massachusetts, where he attended school. He graduated from high school in 1960 and was a fraternity brother for Phi Kappa Psi when he attended Johns Hopkins University. He went on to graduate with two bachelor's degrees in 1964.
Michael Bloomberg earned one degree in electrical engineering and one BSS. He later attended Harvard University Business School in 1966 with a Master's in Business Administration. He was in two fraternities while attending— Kappa Beta Phi and Tau Beta Pi.
Michael Bloomberg's business career began after he graduated from Harvard Business School and John Hopkins University. He started as a partner for an investment bank on Wall Street named Salomon Brothers. He was in charge of their equity trading, and he went on to head the Systems Development department.
He later created a financial systems company called Innovative Market Systems. Through this company, he produced computerized market data systems displaying real-time figures and changes in the market. It was integrated into the trading markets on Wall Street in 1982.
This company was renamed and rebranded as Bloomberg L.P. in 1986. After this company emerged, he created other companies and organizations, including Bloomberg Radio, Bloomberg Tradebook, Bloomberg Message, and even Bloomberg News. His Innovative Market Systems company grew tremendously and produced international terminals for markets. Today, it employs over 20,000 to propel business endeavors and manage terminal subscribers globally.
Michael Bloomberg Charity Work
Michael Bloomberg has done extensive charity work directly through his personal full-time efforts and contributions from his vast wealth via the Bloomberg Foundation. Some of his most notable charitable endeavors include large donations to various organizations, such as the World Health Organization, the Centers for Disease Control, the John Hopkins Bloomberg School of Public Health, the Campaign for Tobacco-Free Kids, and the Dance Theatre of Harlem. In total, he's donated over $12.7 billion to charity throughout his life.
He worked full-time on his philanthropic endeavors until he decided to get involved in politics within the state and federal government. An example of his philanthropy would be his contributions to over 1,400 charities within a year, a remarkable feat.
During the pandemic, he created a fund for non-profit groups that experienced impacts throughout New York City, and he donated $75 million to that fund alone. He also worked with John Hopkins to fund research to find a cure for COVID. Micheal Bloomberg also had the well-being of medical staff in mind during the pandemic. He donated $6 million to provide meals for them via the World Central Kitchen.
Bloomberg also donates heavily to the arts and provided funding to 434 institutions in 2021 alone. He also funded many arts endeavors and projects with over 520 donations to various cultural organizations globally. Part of this effort included offering new and improved technology, management training, and funding for public art projects.
Michael Bloomberg also provides funding for education and has offered sizable donations to over 130 universities and colleges, which have helped nearly 85,000 students. This charity work included workforce training and college counseling for students.
Another focus of his philanthropy is helping with environmental causes. Part of his work included assisting with the global climate crisis and providing sustainable business solutions to embrace green operations. He pushes to fund clean energy and simultaneously works to limit natural gas and coal use to power the country.
Bloomberg also works with American Cities Climate Change to amend and improve the state and local climate laws across the country while mentoring leaders and cities as a whole toward making more purposeful strides toward having a cleaner and safer environment. He has personally helped to eliminate 363 coal plants over the last two decades and worked diligently to close 171 coal plants across Europe over the previous eight years.
However, one of his main focuses is improving government within cities. He provides funding for leadership training and new idea contributions. It's a way to allow city officials to convene to share emerging trends and best practices. Additionally, he helps them use data to generate progress and understand ways to improve their efficiency.
Most of the charitable contributions Michael Bloomberg donates are through Bloomberg Philanthropies, but not exclusively. He's helped positively impact the lives of millions in over 173 countries and nearly 1000 cities. He's even signed The Giving Pledge to donate most of his wealth to charity in his lifetime.
Michael Bloomberg is one of the world's most well-known billionaires and politicians. Although he is known primarily as a businessman, he also focuses a lot of time and effort on his philanthropies. He works through the Bloomberg Foundation to provide thousands of charities and organizations with funding and the workforce to connect with the public to further worthy causes.
The causes and charities he supports range from healthcare to training city leaders on adopting green energy. His other contributions include technology, COVID research, and resources to further better environmental solutions which provide a better way of life for people in many countries. Over the years, he has pledged to give away the bulk of his wealth to help society and improve the world we all live in today and for the future.
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Written by Dana Hanson
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