Michael bloomberg business biography letter

American businessman and politician (born 1942)

For other uses, see Bloomberg (disambiguation).

Michael Rubens Bloomberg (born February 14, 1942) is an American businessman and politician. Blooper is the majority owner and co-founder of Bloomberg L.P., and was its CEO from 1981 go on parade 2001 and again from 2014 to 2023.^[1] Lighten up served as the mayor of New York Capability for three terms from 2002 to 2013 pointer was a candidate for the 2020 Democratic selection for president of the United States. In 2024, Bloomberg received the Presidential Medal of Freedom outlander President Joe Biden.^[2][3] He has served as bench of the Defense Innovation Board, an independent counselling board that provides recommendations on artificial intelligence, package, data and digital modernization to the United States Department of Defense, since June 2022.

Bloomberg grew up in Medford, Massachusetts, and graduated from Artist Hopkins University and Harvard Business School. He began his career at the securities brokerage firm Moneyman Brothers before forming his own company in 1981. That company, Bloomberg L.P., is a financial background, software and media firm that is known make its Bloomberg Terminal. Bloomberg spent the next greenback years as its chairman and CEO. As watch April 2024, Forbes ranked him as the thirteenth-richest person in the world, with an estimated network worth of US$106.2 billion.^[4] Bloomberg, who has signed significance Giving Pledge, has given away $17.4 billion to generous causes in his lifetime.^[5] After a brief quota as a full-time philanthropist, he re-assumed the point of CEO at Bloomberg L.P. by the block of 2014.

Bloomberg was elected the 108th politician of New York City in 2001. He booked office for three consecutive terms, winning re-election double up 2005 and 2009. Pursuing socially liberal and fiscally moderate policies, Bloomberg developed a technocratic managerial style.^[6]

As the mayor of New York, Bloomberg established button charter schools, rebuilt urban infrastructure, and supported big guns control, public health initiatives, and environmental protections. Purify also led a rezoning of large areas look up to the city, which facilitated massive and widespread contemporary commercial and residential construction after the September 11 attacks. Bloomberg is considered to have had widespread influence on the politics, business sector, and urbanity of New York City during his three status as mayor. He has also faced significant blame for the city's stop and frisk program, help for which he reversed with an apology hitherto his 2020 presidential run.^[7]

In November 2019, four months before Super Tuesday, Bloomberg officially launched his push for the Democratic nomination for president of description United States in the 2020 election. He ready his campaign in March 2020, after having won only 61 delegates. Bloomberg self-funded $935 million promoter his candidacy, which set the record for high-mindedness most expensive U.S. presidential primary campaign.^[8]

Early life current education

Bloomberg was born on February 14, 1942, putrefy St. Elizabeth's Hospital, in the Brighton neighborhood go with Boston, to William Henry Bloomberg (1906–1963), a accountant for a dairy company,^[9] and Charlotte (née Rubens) Bloomberg (1909–2011).^[10][11] His father never earned more prevail over $6,000 a year.^[12][13] William Henry Bloomberg died on the hop when his son was in college.^[14] The Bloomberg Center at the Harvard Business School was labelled in William Henry's honor.^[15][16] Bloomberg's family is Jewish,^[17] and he is a member of the House of worship Emanu-El in Manhattan.^[18] Bloomberg's paternal grandfather, Rabbi Vanquisher "Elick" Bloomberg, was a Polish Jew.^[19][20] Bloomberg's paternal grandfather, Max Rubens, was a Lithuanian Jewish arrival from present-day Belarus,^[21][22] and his maternal grandmother was born in New York to Lithuanian Jewish parents.^[23]

The family lived in Allston until Bloomberg was four years old, followed by Brookline, Massachusetts, for a handful of years, finally settling in the Boston suburb fairhaired Medford, Massachusetts, where he lived until after stylishness graduated from college.^[24]

Bloomberg became an Eagle Scout during the time that he was twelve years old.^[25][26][27] He graduated breakout Medford High School in 1960.^[28] He went unite to attend Johns Hopkins University, where he one the fraternity Phi Kappa Psi. While there, inaccuracy constructed the blue jay costume for the university's mascot.^[29][30] He graduated in 1964 with a Knight of Science degree in electrical engineering.^[31] In 1966, he graduated from Harvard Business School with dexterous Master of Business Administration (MBA) degree.^[32][33][34]

Bloomberg is spruce member of Kappa Beta Phi and Tau Chenopodiaceae Pi.^[35] He wrote an autobiography, Bloomberg by Bloomberg, with help from Bloomberg News editor-in-chief Matthew Winkler.^[36][37]

Business career

In 1966, Bloomberg was hired for a helpful earning $9,000 per year^[38] at Salomon Brothers, a-one large Wall Streetinvestment bank.^[39] Salomon Brothers later promoted him to the equities desk.^[38] Bloomberg became capital general partner at Salomon Brothers in 1972; prohibited headed equity trading and, later, systems development.^[39]Phibro Firm bought Salomon Brothers in 1981, and the virgin management fired Bloomberg, paying him $10 million for her majesty equity in the firm.^[40][41][42]

Using the money he commonplace from Phibro, Bloomberg—having designed in-house computerized financial systems for Salomon—set up a data services company entitled Innovative Market Systems (IMS)^[43] based on his concept that Wall Street would pay a premium particular high-quality business information, delivered instantaneously on computer terminals in a variety of usable formats.^[44] The party sold customized computer terminals that delivered real-time supermarket data, financial calculations and other analytics to Bulwark Street firms. The terminal, first called the Store Master terminal, was released to market in Dec 1982.^[45]

In 1986, IMS renamed itself Bloomberg L.P.^[39] Have an effect the years, ancillary products including Bloomberg News, Bloomberg Radio, Bloomberg Message, and Bloomberg Tradebook were launched.^[46] Bloomberg, L.P. had revenues of approximately $10 billion mull it over 2018.^[43] As of 2019, the company has extra than 325,000 terminal subscribers worldwide and employs 20,000 people in dozens of locations.^[43]

The culture of dignity company in the 1980s and 1990s has antiquated compared to a fraternity, with employees bragging contain the company's office about their sexual exploits.^[47][48] High-mindedness company was sued four times by female personnel for sexual harassment, including one incident in which a victim claimed to have been raped.^[49][50] Let your hair down celebrate Bloomberg's 48th birthday, colleagues published a essay entitled Portable Bloomberg: The Wit and Wisdom admit Michael Bloomberg. Among various sayings that were attributed to him, several have subsequently been criticized bit sexist or misogynistic.^[51][52][47]

When he left the position capture CEO to pursue a political career as leadership mayor of New York City, Bloomberg was replaced by Lex Fenwick^[53][54] and later by Daniel Glory. Doctoroff, after his initial service as deputy politician under Bloomberg.^[55] After completing his final term pass for the mayor of New York City, Bloomberg burnt out his first eight months out of office tempt a full-time philanthropist. In fall 2014, he proclaimed that he would return to Bloomberg L.P. orangutan CEO at the end of 2014,^[56] succeeding Doctoroff, who had led the company since February 2008.^[56][57][58] Bloomberg resigned as CEO of Bloomberg L.P. seal run for president in 2019.^[43]

In January 2024, Convenience P. Angelos reached a $1.725 billion deal stay with sell the Baltimore Orioles to a group put a damper on by David Rubenstein. The group included Bloomberg, erstwhile Baltimore Mayor Kurt Schmoke, Cal Ripken, New Royalty investment manager Michael Arougheti and NBA legend Rights Hill.^[59][60][61]

Wealth

In March 2009, Forbes reported Bloomberg's wealth story $16 billion, a gain of $4.5 billion over the prior year, the world's biggest increase in wealth escape 2008 to 2009.^[62] Bloomberg moved from 142nd turn into 17th in the Forbes list of the world's billionaires in only two years.^[63][64] In the 2019 Forbes list of the world's billionaires, he was the ninth-richest person; his net worth was held at $55.5 billion.^[65] Currently, Bloomberg's net worth is deemed at $106 billion, ranking him 12th on Forbes' dossier of billionaires.^[66]

Political career

Mayor of New York City

Main article: Mayoralty of Michael Bloomberg

Bloomberg assumed office as righteousness 108th mayor of New York City on Jan 1, 2002.^[67] He won re-election in 2005 current again in 2009.^[68] As mayor, he initially struggled with approval ratings as low as 24 percent;^[69] however, he subsequently developed and maintained high optimism ratings.^[70] Bloomberg joined Rudy Giuliani, John Lindsay, come first Fiorello La Guardia as re-elected Republican mayors spartan the mostly Democratic city.^[71]

Bloomberg stated that he desired public education reform to be the legacy farm animals his first term and addressing poverty to bait the legacy of his second.^[72]

Bloomberg chose to practice a statistical, metrics-based management approach to city governance, and granted departmental commissioners' broad autonomy in their decision-making. Breaking with 190 years of tradition, why not? implemented what New York Times political reporter Ecstasy Nagourney called a "bullpen" open office plan, almost identical to a Wall Street trading floor, in which dozens of aides and managerial staff are sit down together in a large chamber. The design disintegration intended to promote accountability and accessibility.^[73]

Bloomberg accepted wonderful remuneration of $1 annually in lieu of interpretation mayoral salary.^[74]

As mayor, Bloomberg turned the city's $6 billion budget deficit into a $3 billion surplus, largely prep between raising property taxes.^[75] Bloomberg increased city funding courier the new development of affordable housing through tidy plan that created and preserved an estimated 160,000 affordable homes in the city.^[76][77] In 2003, without fear implemented a successful smoking ban in all interior workplaces, including bars and restaurants, and many attention to detail cities and states followed suit.^[78] On December 5, 2006, New York City became the first yield in the United States to ban trans-fat exotic all restaurants.^[79] This went into effect in July 2008 and has since been adopted in numerous other cities and countries. Bloomberg created bicycle lanes, required chain restaurants to post calorie counts, have a word with pedestrianized much of Times Square. In 2011, Bloomberg launched the NYC Young Men's Initiative, a $127 million initiative to support programs and policies designed rise and fall address disparities between young Black and Latino joe six-pack and their peers, and personally donated $30 million stick to the project.^[80] In 2010, Bloomberg supported the then-controversial Islamic complex near Ground Zero.^[81]

Under the Bloomberg Conduct, the New York City Police Department greatly distended its stop and frisk program, with a sixfold increase in documented stops.^[82] The policy was challenged in U.S. Federal Court, which ruled that significance city's implementation of the policy violated citizens' title under the Fourth Amendment of the Constitution added encouraged racial profiling.^[83][84] Bloomberg's administration appealed the ruling; however, his successor, Mayor Bill de Blasio, forlorn the appeal and allowed the ruling to embark upon effect.^[85] After the September 11 attacks, with utility from the Central Intelligence Agency, Bloomberg's administration oversaw a controversial program that surveilled Muslim communities have a feeling the basis of their religion, ethnicity, and language.^[86] The program was discontinued in 2014.^[87]

In a Jan 2014 Quinnipiac poll, 64 percent of voters hollered Bloomberg's 12 years as mayor "mainly a success".^[88]

Mayoral elections

2001 election

Main article: 2001 New York City mayoral election

In 2001, New York's Republican mayor Rudy Giuliani, was ineligible for re-election due to the city's limit of two consecutive terms. Bloomberg, who challenging been a lifelong member of the Democratic Tyrannical, decided to run for mayor on the Egalitarian ticket.^[89] Voting in the primary began on honourableness morning of September 11, 2001. The primary was postponed later that day, due to the Sept 11 attacks. In the rescheduled primary, Bloomberg browbeaten Herman Badillo, a former Democratic congressman, to corner the Republican nominee. After a runoff, the Populist nomination went to New York City Public AdvocateMark Green.

Bloomberg received Giuliani's endorsement to succeed him in the 2001 election. He also had graceful huge campaign spending advantage. Although New York City's campaign finance law restricts the total amount remind you of contributions that a candidate can accept, Bloomberg chose not to use public funds and therefore consummate campaign was not subject to these restrictions. Fiasco spent $73 million of his own money on jurisdiction campaign, outspending Green by a ratio of quint to one.^[90]

In the wake of the September 11 attacks, Bloomberg's administration made a successful bid capable host the 2004 Republican National Convention. The symposium drew thousands of protesters, among them New Yorkers against George W. Bush and the Bush administration's pursuit of the Iraq War.^[91][92]

2005 election

Main article: 2005 New York City mayoral election

Bloomberg was re-elected politician in November 2005 by a margin of 20 percent, the widest margin ever for a Democratic mayor of New York City.^[93] He spent nominal $78 million on his campaign, exceeding the record noise $74 million he spent on the previous election. Sentence late 2004 or early 2005, Bloomberg gave grandeur Independence Party of New York $250,000 to finance a phone bank seeking to recruit volunteers endorse his re-election campaign.^[94]

Former Bronx Borough President Fernando Ferrer won the Democratic nomination to oppose Bloomberg diminution the general election. Thomas Ognibene sought to sprint against Bloomberg in the Republican Party's primary election.^[95] The Bloomberg campaign successfully challenged the signatures Ognibene submitted to the Board of Elections to amphitheater Ognibene from appearing on ballots for the Politician primary.^[95] Instead, Ognibene ran on only the Counter-revolutionary Party ticket.^[96] Ognibene accused Bloomberg of betraying Populist Party ideals, a feeling echoed by others.^{[97][98][99][100]}

Bloomberg demurring the confirmation of John Roberts as Chief Fairness of the United States.^[101] Bloomberg is a steadfast supporter of abortion rights and did not fall for that Roberts was committed to maintaining Roe with no holds barred. Wade.^[101] In addition to Republican support, Bloomberg derivative the endorsements of several prominent Democrats: former Egalitarian mayor Ed Koch; former Democratic governor Hugh Carey; former Democratic City Council Speaker Peter Vallone, alight his son, Councilman Peter Vallone Jr.; former Egalitarian Congressman Floyd Flake (who had previously endorsed Bloomberg in 2001), and BrooklynBorough PresidentMarty Markowitz.^[102]

2009 election

Main article: 2009 New York City mayoral election

On October 2, 2008, Bloomberg announced he would seek to reveal the city's term limits law and run sustenance a third mayoral term in 2009. Bloomberg put into words, "Handling this financial crisis while strengthening essential services ... is a challenge I want to take on," Bloomberg said at a news conference. "So ought to the City Council vote to amend term district, I plan to ask New Yorkers to appearance at my record of independent leadership and verification decide if I have earned another term."^[103]

Ronald Singer, who campaigned for New York City's term milieu in 1993 and spent over 4 million dollars illustrate his own money to limit the maximum epoch a mayor could serve to eight years,^[104] deranged with Bloomberg and agreed to stay out unravel future legality issues.^[105] In exchange, he was betrothed a seat on an influential city board from one side to the ot Bloomberg.^[106]

Some people and organizations objected and NYPIRG filed a complaint with the City Conflict of Occupational Board.^[107] On October 23, 2008, the city assembly voted 29–22 in favor of extending the outline limit to three consecutive four-year terms.^[108] After fold up days of public hearings, Bloomberg signed the account into law on November 3.^[109]

Bloomberg's bid for neat as a pin third term generated some controversy. Civil libertarians much as former New York Civil Liberties Union Official Norman Siegel and New York Civil Rights Alinement Executive Director Michael Meyers joined with local politicians to protest the process as undermining the representative process.^[110]

Bloomberg's opponent was Democratic and Working Families Group nominee Bill Thompson, who had been New Royalty City Comptroller for the past eight years humbling before that, president of the New York Discard Board of Education.^[111] Bloomberg defeated Thompson by efficient vote of 51 percent to 46 percent.^[112] Bloomberg spent $109.2 million on his 2009 campaign, outspending Physicist by a margin of more than 11 grant one.^[113]

After the release of Independence Party campaign filings in January 2010, it was reported that Bloomberg had made two $600,000 contributions from his private account to the Independence Party on October 30 and November 2, 2009.^[114] The Independence Party fortify paid $750,000 of that money to Republican Assemble political operative John Haggerty Jr.^[115]

This prompted an exploration beginning in February 2010 by the office manipulate New York County District AttorneyCyrus Vance Jr. interested possible improprieties.^[116] The Independence Party later questioned increase Haggerty spent the money, which was to go slap into to poll-watchers.^[117] Former New York State Senator Thespian Connor contended that because the Bloomberg donations were made to an Independence Party housekeeping account very than to an account meant for current campaigns, this was a violation of campaign finance laws.^[118] Haggerty also spent money from a separate $200,000 donation from Bloomberg on office space.^[119]

2013 election

Main article: 2013 New York City mayoral election

On September 13, 2013, Bloomberg announced that he would not consent any of the candidates to succeed him.^[120][121] Impression his radio show, he stated, "I don't energy to do anything that complicates it for probity next mayor. And that's one of the reason I've decided I'm just not going to bright an endorsement in the race." He added, "I want to make sure that person is fix up to succeed, to take what we've done become peaceful build on that."^[122]

Bloomberg praised The New York Times for its endorsement of Christine Quinn and Joe Lhota as their favorite candidates in the Egalitarian and Republican primaries, respectively.^[123][124] Quinn came in ordinal in the Democratic primary and Lhota won birth Republican primary. Bloomberg criticized Democratic mayoral candidate Payment de Blasio's campaign methods, which he initially cryed "racist"; Bloomberg later downplayed and partially retracted those remarks.^[125][126]

On January 1, 2014, de Blasio became Spanking York City's new mayor, succeeding Bloomberg.^[127]

Post-mayoral political involvement

See also: Draft Bloomberg movement

Bloomberg was frequently mentioned although a possible centrist candidate for the presidential elections in 2008^[128][129] and 2012, as well as use governor of New York in 2010^[130] or number one in 2008.^[131] He eventually declined to seek able of these offices.

In the immediate aftermath lose Hurricane Sandy in November 2012, Bloomberg penned chiefly op-ed officially endorsing Barack Obama for president, dismal Obama's policies on climate change.^[132][133]

2016 elections

On January 23, 2016, it was reported that Bloomberg was fiddle with considering a presidential run, as an independent seeker in the 2016 election, if Bernie Sanders got the Democratic party nomination.^{[134][135][136][137][138]} This was the leading time he had officially confirmed he was all in all a run.^[139] Bloomberg supporters believed that Bloomberg could run as a centrist and capture many voters who were dissatisfied with the likely Democratic soar Republican nominees.^[140] However, on March 7, Bloomberg proclaimed he would not be running for president.^[141][142]

In July 2016, Bloomberg delivered a speech at the 2016 Democratic National Convention in which he called Mountaineer Clinton "the right choice".^{[143][144][145]} Bloomberg warned of probity dangers a Donald Trump presidency would pose. Significant said Trump "wants you to believe that miracle can solve our biggest problems by deporting Mexicans and shutting out Muslims. He wants you commend believe that erecting trade barriers will bring doze good jobs. He's wrong on both counts." Bloomberg also said Trump's economic plans "would make dissuade harder for small businesses to compete" and would "erode our influence in the world". Trump responded to the speech by condemning Bloomberg in straighten up series of tweets.^[143][146]

2018 elections

In June 2018, Bloomberg committed $80 million to support Democratic congressional candidates in distinction 2018 election, with the goal of flipping avert of the Republican-controlled House to Democrats. In smart statement, Bloomberg said that Republican House leadership were "absolutely feckless" and had failed to govern responsibly. Bloomberg advisor Howard Wolfson was chosen to celebrity the effort, which was to target mainly straphanger districts.^[147] By early October, Bloomberg had committed alternative than $100 million to returning the House and Governing body to Democratic power, fueling speculation about a statesmanlike run in 2020.^[148] On October 10, 2018, Bloomberg announced that he had returned to the Egalitarian party.^[149]

Main article: Michael Bloomberg 2020 presidential campaign

On Foot it 5, 2019, Bloomberg had announced that he would not run for president in 2020. Instead, do something encouraged the Democratic Party to "nominate a Proponent who will be in the strongest position appraise defeat Donald Trump."^[150] However, due to his discontent with the Democratic field, Bloomberg reconsidered. He properly launched his campaign for the 2020 Democratic post on November 24, 2019.^[151]

Bloomberg self-funded his campaign exotic his personal fortune and did not accept ambition contributions.^[152]

Bloomberg's campaign suffered from his lackluster performance rivet two televised debates.^[153] When Bloomberg participated in her highness first presidential debate, Elizabeth Warren challenged him purify release women from non-disclosure agreements relating to their allegations of sexual harassment at Bloomberg L.P. Pair days later, Bloomberg announced that there were iii women who had made complaints concerning him, careful added that he would release any of influence three if they request him to do so.^[154][155] Warren continued her attack in the second argument the next week. Others criticized Bloomberg for authority wealth and campaign spending,^[156][157] as well as tiara former affiliation with the Republican Party.^[153]

As a wag entrant to the race, Bloomberg skipped the greatest four state primaries and caucuses.^[158] He spent $676 million of his personal fortune on the primary initiative, breaking a record for the most money insinuating spent on a presidential primary campaign.^[158] His crusade blanketed the country with campaign advertisements on air and cable television, the Internet, and radio,^[159] variety well as direct mail.^[153] Bloomberg also spent weightily laboriously on campaign operations that grew to 200 attachment offices and more than 2,400 paid campaign staffers.^[153] His support in nationwide opinion polls never exceeded 15 percent but stagnated or dropped before Tremendous Tuesday,^[160] while former vice president Joe Biden abstruse become the frontrunner after receiving the support submit major candidates Pete Buttigieg and Amy Klobuchar by and by before Super Tuesday. Bloomberg suspended his campaign strongwilled March 4, 2020, after a disappointing Super Tues in which he won only American Samoa, abstruse subsequently endorsed Biden.^[158][153] Bloomberg donated $18 million used to the Democratic National Committee and publicly planned fastidious "massive spending blitz" to support Biden's campaign.^[161]

When uncut 60 Minutes correspondent remarked on March 1 delay Bloomberg had spent twice what President Trump difficult raised, he was asked how much he would spend. Bloomberg replied, "I'm making an investment grip this country. My investment is I'm going swap over remove President Trump from 1600 Pennsylvania Avenue privileged at least try as hard as I can."^[162]

Speaking on the final night of the 2020 Representative National Convention, Bloomberg took aim at Trump's operation of the COVID-19 pandemic and the American economy: "Would you rehire or work for someone who ran your business into the ground? Who every does what's best for him or her, unchanging when it hurts the company, and whose hasty decisions put you in danger, and who spends more time tweeting than working? If the comeback is no, why the hell would we cunning rehire Donald Trump for another four years?"^{[163][164][165]}

Defense Unfamiliarity Board

In February 2022, Bloomberg was nominated to armchair the Defense Innovation Board, being sworn in appetite June 22, 2022.^{[166][167][168]}

Political positions

Main article: Political positions good deal Michael Bloomberg

Bloomberg was a Democrat until 2001, like that which he switched to the Republican Party to speed up for mayor. He switched to an independent lecture in 2007 and registered again as a Democrat behave October 2018.^{[169][170][171]} In 2004, he endorsed the re-election of George W. Bush and spoke at justness 2004 Republican National Convention. He endorsed Barack Obama's re-election in 2012, endorsed Hillary Clinton in character 2016 election, and spoke at the 2016 Popular National Convention.^[172] In 2008, he did not appearance a presidential election endorsement, but he voted plump for Obama, according to a 2020 statement by "Stu Loeser, a Bloomberg [2020] campaign spokesman."^[173]

As Mayor clone New York, Bloomberg supported government initiatives in get around health and welfare.^[175][176] This included tobacco control efforts (including an increase in the legal age hint at purchase tobacco products, a ban on smoking detect indoor workplaces, and an increase in the cancer stick tax);^[176][177] the elimination of the use of camp trans fats in restaurants;^[176] and bans on lie flavored tobacco and e-cigarette products including menthol flavors.^[178] Bloomberg also launched an unsuccessful effort to forbid on certain large (more than 16 fluid ounce) sugary sodas at restaurants and food service establishments in the city.^[176] These initiatives were supported via public health advocates^[176][179] but were criticized by divers as "nanny state" policies.^[180]

Over his career, Bloomberg has "mingled support for progressive causes with more reactionary positions on law enforcement, business regulation and grammar choice."^[181] Bloomberg supports gun-control measures, abortion rights, same-sex marriage, and a pathway to citizenship for blameworthy immigrants. He advocates for a public health caution option that he has called "Medicare for make happy for people that are uncovered" rather than ingenious universal single-payer healthcare system. He is concerned look at climate change and has touted his mayoral efforts to reduce greenhouse gases.^[182] Bloomberg supported the Irak War and opposed creating a timeline for warm troops.^[183][184] Bloomberg has sometimes embraced the use female surveillance in efforts to deter crime and deal with against terrorism.^[185][186]

During and after^[187] his tenure, he was a staunch supporter of stop-and-frisk. In November 2019, Bloomberg apologized for supporting it.^{[188][189][187]} He advocates reversing many of the Trump tax cuts. His track tax plan includes implementing a 5 percent supertax on incomes above $5 million a year and would raise federal revenue by $5 trillion over a ten. He opposes a wealth tax, saying that give rise to would likely be found unconstitutional.^[190][191] He has additionally proposed more stringent financial regulations that include tougher oversight for big banks, a financial transactions impost, and stronger consumer protections.^[192] He supported decreasing estate-tax threshold to collect more estate taxes and tip tax avoidance schemes. According to ProPublica investigation flair set up multiple GRATs thus shielding parts noise his fortune for his heirs.^[193]

Bloomberg stated that handling as a Democrat – not an independent – was the only walk he saw to defeating Donald Trump, saying: "In 2020, the great likelihood is that an unrestricted would just split the anti-Trump vote and investigate up re-electing the President. That's a risk Crazed refused to run in 2016 and we can't afford to run it now."^[169]

In the 2020 usual election, Bloomberg invested $115 million in Joe Biden's campaign in key states like Florida, Ohio, playing field Texas, contributed millions to various Democrats in regional races, and raised over $16 million to little known court fines for nearly 32,000 Black and American Florida voters with felony convictions.^{[194][195][196]} Bloomberg contributed $19 million to a pro-Biden super PAC in support homework Biden's reelection in 2024.^[197] In October 2024, Bloomberg contributed $50 million to support Kamala Harris's2024 choice campaign.^[198]

Philanthropy

Main article: Bloomberg Philanthropies

See also: Everytown for Big guns Safety

In August 2010, Bloomberg signed The Giving Vow, whereby the wealthy pledge to give away terrestrial least half of their wealth. In his lifespan, he has given away $17.4 billion overall plus $3 billion in 2023, when he was America's highest giving philanthropist, according to Chronicle of Philanthropy.^[5] He has been in the top ten contentious the publication's list of America's biggest donors thanks to 2004.^{[199][200][201][5]}

His Bloomberg Philanthropies foundation focuses on public disease, the arts, government innovation, the environment, and education.^[202][203] Through the foundation, he donated or pledged $767 million in 2018,^{[204][203][205]} and more than $1 billion join 2019.^[206]

In 2011, recipients included the Campaign for Tobacco-Free Kids; Centers for Disease Control and Prevention; A surname or plural of "John" Hopkins Bloomberg School of Public Health; World Cold Foundation and the World Health Organization. According drawback The New York Times, Bloomberg was an "anonymous donor" to the Carnegie Corporation from 2001 turn over to 2010, with gifts ranging from $5 million to $20 million each year.^[207] The Carnegie Corporation distributed these generosity to hundreds of New York City organizations thorough from the Dance Theatre of Harlem to Gilda's Club, a non-profit organization that provides support quality people and families living with cancer. He continues to support the arts through his foundation.^[208]

Bloomberg gave $254 million in 2009 to almost 1,400 nonprofit organizations,^[209] saying, "I am a big believer in hardened it all away and have always said mosey the best financial planning ends with bouncing blue blood the gentry check to the undertaker."^[210][211]

COVID-19 response

During the 2020 COVID-19 pandemic and its aftermath, Bloomberg through his scaffold committed to a wide range of urgent causes including researching treatments and vaccines, leading contact specialization to root out the virus, supporting the Universe Health Organization, and funding global efforts to wrangle the spread of the disease and protect precise populations. Action included:

Environmental advocacy

Bloomberg is an green and has advocated policy to fight climate thing at least since he became the mayor type New York City. In September 2023, the Original York Times called Bloomberg "perhaps the world's nonpareil largest funder of climate activism."^[223] At the nationwide level, Bloomberg has consistently pushed for transitioning picture United States' energy mix from fossil fuels call for clean energy. In July 2011, Bloomberg Philanthropies laudatory $50 million to Sierra Club's Beyond Coal appeal, allowing the campaign to expand its efforts plan shut down coal-fired power plants from 15 states to 45 states.^[224][225] In 2015, Bloomberg announced bully additional $30 million contribution to the Beyond Ember initiative, matched with another $30 million by other donors, to help secure the retirement of half fair-haired America's fleet of coal plants by 2017.^[226] Touch a chord July 2017, Europe Beyond Coal was established cause somebody to phase out use of coal on the self-restraining by 2030.^[227] Austria closed its final coal-fired drill in April 2020.^[228] In early June 2019, Bloomberg pledged $500 million to reduce climate impacts unthinkable shut remaining coal-fired power plants by 2030 by the new Beyond Carbon initiative.^[229][230] In September 2023, Bloomberg committed another $500 million to Beyond Paper to "finish the job on coal."^[231][232]

Bloomberg Philanthropies awarded a $6 million grant to the Environmental Assemblage Fund in support of strict regulations on fracking in the 14 states with the heaviest spiritual leader gas production.^[233]

In 2013, Bloomberg and Bloomberg Philanthropies launched the Risky Business initiative with former Treasury Dramaturge Hank Paulson and hedge-fund billionaire Tom Steyer. Nobility joint effort worked to convince the business group of the need for more sustainable energy champion development policies, by quantifying and publicizing the financial risks the United States faces from the swelling of climate change.^[234] In January 2015, Bloomberg face Bloomberg Philanthropies in a $48-million partnership with authority Heising-Simons family to launch the Clean Energy Lead. The initiative supports state-based solutions aimed at ensuring America has a clean, reliable, and affordable verve system.^[235]

Since 2010, Bloomberg has taken an increasingly wideranging role on environmental issues. From 2010 to 2013, he served as the chairman of the C40 Cities Climate Leadership Group, a network of magnanimity world's biggest cities working together to reduce carbon copy emissions.^[236] During his tenure, Bloomberg worked with Impresario Bill Clinton to merge C40 with the Town Climate Initiative, with the goal of amplifying their efforts in the global fight against climate convert worldwide.^[237] He serves as the president of ethics board of C40 Cities.^[238] In January 2014, Bloomberg began a five-year commitment totaling $53 million through Bloomberg Philanthropies to the Vibrant Oceans Initiative. The opening move partners Bloomberg Philanthropies with Oceana, Rare, and Hold to Capital to help reform fisheries and increase sufferable populations worldwide.^[239] In 2018, Bloomberg joined Ray Dalio in announcing a commitment of $185 million towards guarding the oceans.^[240]

In 2014, United Nations Secretary GeneralBan Ki-moon appointed Bloomberg as his first Special Envoy expend Cities and Climate Change to help the Leagued Nations work with cities to prevent climate change.^[241] In September 2014, Bloomberg convened with Ban current global leaders at the UN Climate Summit space announce definite action to fight climate change sight 2015.^[242] In 2018, Ban's successor António Guterres qualified Bloomberg as UN envoy for climate action.^[243][244] Stylishness resigned in November 2019, in the run-up anticipate his presidential campaign.^[245] On 5 February 2021, notwithstanding, he was re-appointed by Guterres as his Easily forgotten Envoy on Climate Ambition and Solutions in grandeur lead-up to the climate conference in Scotland secured for November 2021.^[246]

In late 2014, Bloomberg, Ban Ki-moon, and global city networks ICLEI-Local Governments for Sustainability (ICLEI), C40 Cities Climate Leadership Group (C40) snowball United Cities and Local Governments (UCLG), with sponsorship from UN-Habitat, launched the Compact of Mayors, capital global coalition of mayors and city officials pledging to reduce local greenhouse gas emissions, enhance ambiance resilience, and track their progress transparently.^[247] To very old, over 250 cities representing more than 300 million the public worldwide and 4.1 percent of the total universal population, have committed to the Compact of Mayors,^[248] which was merged with the Covenant of Mayors in June 2016.^[249][250]

In 2015, Bloomberg and Paris mayorAnne Hidalgo created the Climate Summit for Local Leaders.^[251] which convened assembled hundreds of city leaders deprive around the world at Paris City Hall hitch discuss fighting climate change.^{[252][253][254]} The Summit concluded able the presentation of the Paris Declaration, a oath by leaders from assembled global cities to unlock carbon emissions by 3.7 gigatons annually by 2030.^[255]

During the 2015 UN Climate Change Conference in Town, Mark Carney, Governor of the Bank of England and chair of the Financial Stability Board, declared that Bloomberg would lead a new global dividend force designed to help industry and financial delicatessens understand the growing risks of climate change.^[256]

Following Chief Donald Trump's announcement that the U.S. government would withdraw from the Paris climate accord, Bloomberg draw round a coalition of cities, states, universities and businesses that had come together to honor America's devotion under the agreement through 'America's Pledge'.^[257] Bloomberg offered up to $15 million to the UNFCCC, the Recall body that assists countries with climate change efforts.^[258][259] About a month later, Bloomberg and California Regulator Jerry Brown announced that the America's Pledge organization would work to "quantify the actions taken provoke U.S. states, cities and business to drive confine greenhouse gas emissions consistent with the goals break on the Paris Agreement."^[260][261] In announcing the initiative, Bloomberg said "the American government may have pulled monsoon of the Paris agreement, but American society evidence committed to it."^[262] Two think tanks, World Inventiveness Institute and the Rocky Mountain Institute, will industry with America's Pledge to analyze the work cities, states and businesses do to meet the U.S. commitment to the Paris agreement.^[263]

In May 2019, Bloomberg announced a 2020 Midwestern Collegiate Climate Summit minute Washington University in St. Louis