Portrait of billionaire richer than Donald Trump running for US President

Worried that the Democratic Party will lose ground in the US election race next year, former Mayor of New York City and media billionaire Michael Bloomberg has just filed for the Democratic primary in Arkansas to officially enter the presidential election race next year. This is a move that is considered to be able to "shake up the game" and happened just 3 months before the nomination races begin. What advantages does this character have to be able to "confront" the real estate billionaire and current President Donald Trump?

The richest media mogul

The world media is no stranger to Michael Bloomberg, as he is the founder of financial data and media company Bloomberg LP, including Bloomberg News, Bloomberg Television, Bloomberg Businessweek, etc. In March 2019, Forbes ranked Mr. Bloomberg as the ninth richest person in the world and the richest media tycoon on the planet. Bloomberg's current net worth is estimated at 52.4 billion USD. This amount not only overwhelms the total value of President Donald Trump's real estate, but is also larger than the combined assets of three media tycoons, including Rupert Murdoch, Ted Turner, and Sumner Redstone.

Portrait of billionaire Michael Bloomberg. Photo: New York Times

Bloomberg's way of getting rich has also been a topic that has consumed a lot of media ink as he comes from a "noble" family.

Born in 1942 in Boston to an average family, Bloomberg's father was an accountant and his mother was a secretary. He earned a degree in electrical engineering from Johns Hopkins University in 1964. Two years later, he received his MBA from Harvard. He said his first decision after finishing business school was one of the most important turning points in his career. He once advised graduating students: Don't choose a job based on salary, but based on how much you think you can grow within that company. This advice was drawn from his own business life, from a lowly employee to the tycoon of the Bloomberg media empire.

In 1966, Bloomberg joined the investment bank Salomon Brothers. His position paid far less than other similar opportunities at the time, and his job—counting securities by hand—was boring. However, Salomon Brothers was known for its meritocracy, and Bloomberg felt he could become more professional there. Eventually, through perseverance and drive, he became a star at the company, rising to the positions of trader and director of equity trading. But in the early 1980s, he lost his job when Salomon restructured. Bloomberg received a $10 million severance package and started the company that would become Bloomberg Media.

Bloomberg at his Bloomberg News agency. Photo: AP

He used the financial know-how and IT expertise he developed at Salomon to create the Bloomberg Terminal in 1982, a software system with a dedicated keyboard used by financial professionals to trade stocks electronically and access live market data. The machine revolutionized Wall Street and became a popular tool used in investment banking, competing with Thomson Reuters Eikon, FactSet, and S&P Capital IQ. The system was renamed Bloomberg LP in 1986. In 1990, the company created its own news service before launching Bloomberg.com in 1993.

Since then, Bloomberg has become the world's leading media empire, bringing this billionaire a huge fortune. Joining the race, Mr. Bloomberg can completely use his own money to run for office without any donations.

New York's most successful mayor

Unlike President Donald Trump, billionaire Bloomberg is also a famous politician in the US. To best describe Michael R. Bloomberg's management and leadership skills, look at his three terms as mayor of New York. Bloomberg took over New York in 2002, when the city was economically and mentally devastated, reeling from the attack on the World Trade Center on September 11, 2001. He began to rebuild the city from the damage and loss. Then, by the time he left office, New York's population was larger than ever, but there were fewer murders than ever.

Former New York Mayor Michael Bloomberg (left) when he worked at Salomon Brothers. Photo: CNN

His personal wealth and the image of a vibrant, bustling Wall Street he brought created an atmosphere of optimism for large areas of the city that were redeveloped. New York seemed newer, cleaner, and more efficient, according to many residents. New Yorkers also became more health-conscious, as the former mayor pushed for reduced fat in fast food, smoking bans in bars and restaurants, and the creation of bike lanes and bike-sharing systems throughout the city.

“If he runs, he would be a fresh choice for the Democratic Party, based on his unique record of running America’s largest city, building a business from scratch, and tackling some of America’s toughest challenges as an impactful philanthropist.”

Bloomberg spokesman Howard Wolfsong

Michael Bloomberg and President Donald Trump were once friends. “I guess we’re not friends anymore,” Trump said after learning Bloomberg would run for president. Photo: WireImage

According to observers, Mr. Bloomberg is considered a strong opponent of President Trump if he represents the Democratic Party in the race for the White House this year. For his part, the 77-year-old billionaire has repeatedly denied the possibility of running for election but has reversed his decision for two reasons. First, he believes that the current White House owner is disappointing the people in every way and needs to be replaced. Second, the owner of the Bloomberg LP media group is concerned that the Democratic Party is too left-leaning and candidates like former Vice President Joe Biden, Senator Bernie Sanders or Elizabeth Warren will have difficulty preventing President Trump from being re-elected. Will history repeat itself, and America have another businessman President? The answer depends on Mr. Michael Bloomberg's "steps" in the upcoming race.