Michael Bloomberg: Building an Empire, Leading New York and Giving Away Billions
Episode
34 min
Read time
2 min
Topics
Career Growth, Productivity, Health & Wellness
AI-Generated Summary
Key Takeaways
- ✓Career decisions over compensation: Bloomberg accepted a $9,000 salary instead of $14,000 because he preferred the people at Solomon Brothers, negotiating up to $11,500. Early career focus should prioritize experience and relationships over maximum pay or titles.
- ✓Product development without customer input: Bloomberg built functionality users didn't know they needed, like bond calculators and messaging on trading terminals. Engineers created custom computers in a barn before PCs existed, establishing a three-year head start competitors never closed.
- ✓Workplace investment drives retention: Bloomberg locates offices in premium locations and maintains top facilities despite higher costs. The company experiences very low attrition because employees take pride in their workspace and feel valued, with Bloomberg personally calling injured employees among 26,000 staff.
- ✓Philanthropic impact through follow-through: Bloomberg Foundation employs 350 people to monitor $17 billion in donations, ensuring recipients deliver on promises. They closed 75% of US coal plants, funded methane-detecting satellites, and provide eyeglasses to students who discover vision problems for the first time.
What It Covers
Michael Bloomberg shares how he built his financial data empire from scratch, served as New York City mayor for twelve years, and now dedicates billions to philanthropy across education, climate, and public health initiatives.
Key Questions Answered
- •Career decisions over compensation: Bloomberg accepted a $9,000 salary instead of $14,000 because he preferred the people at Solomon Brothers, negotiating up to $11,500. Early career focus should prioritize experience and relationships over maximum pay or titles.
- •Product development without customer input: Bloomberg built functionality users didn't know they needed, like bond calculators and messaging on trading terminals. Engineers created custom computers in a barn before PCs existed, establishing a three-year head start competitors never closed.
- •Workplace investment drives retention: Bloomberg locates offices in premium locations and maintains top facilities despite higher costs. The company experiences very low attrition because employees take pride in their workspace and feel valued, with Bloomberg personally calling injured employees among 26,000 staff.
- •Philanthropic impact through follow-through: Bloomberg Foundation employs 350 people to monitor $17 billion in donations, ensuring recipients deliver on promises. They closed 75% of US coal plants, funded methane-detecting satellites, and provide eyeglasses to students who discover vision problems for the first time.
Notable Moment
A Baltimore second-grader received free eyeglasses through a Bloomberg-funded program and immediately started crying because she could see clearly for the first time, revealing an undiagnosed vision problem that was blocking her ability to learn in school.
Episode Transcript
Hi everyone. I'm, Nikola Tangen, the CEO of the Norwegian Solar Wealth Fund. And today, I'm in New York, and I'm in the Bloomberg offices. Now, normally, when I'm in the Bloomberg offices, I see a journalist or an anchor. But today, I'm seeing the man himself, Michael Bloomberg. I'm very careful to not be a journalist. The one thing you can't do is get involved in the journalism if you're gonna have good journalism. So there's one guy, John Micklethwait, who runs it. Yep. Mike, you just have one of the most extraordinary journeys in in American business, starting, Bloomberg, being mayor for twelve years, being one of the most important philanthropists. And so perhaps we can just go all the way back the day that you I was born at an early age. Oh, yeah. You would. Absolutely. No. Let's start with the Salmond Brothers because Hubert, you know, straight enough, Hubert, as Omsstige, laid off, and then the next day, you started Bloomberg. So what do you what do you think then? I was, grew up in Massachusetts. Father was a bookkeeper, made $6,000 the best year of his life. I was a boy scout, I, was a c student. I always made the top half of the class possible is my guideline. And, when I was getting out of school, I went from college to business school at Harvard. I was lucky enough to get in. But, when I was ready to graduate, I thought I was gonna go to Vietnam. Partially, we were involved in that war. This was in 1966, a very nasty war in a very nasty ways. Americans treated the troops who we drafted and sent over to risk their lives. Some of them came back in boxes, and some were lucky enough and didn't. But we were just treating people terribly, and so I signed up to go. I could get a commission as a second lieutenant in the army. I thought you'd be safer as a second lieutenant than as a private. Turns out not because the second lieutenants led the charge over the barbed wire going out into the jungle, and a lot of them were killed. It turns out at the last minute, one month before graduation, I have perfectly flat feet. And they didn't take anybody with flat feet. And so all of a sudden, I wasn't gonna go to Vietnam and I had not thought at all about what I was gonna do with my career. No. And then you went into banking. I asked a friend of mine, Steve Fenster, who's a very smart guy since, unfortunately, died of cancer. And Steve, I said, what should I do? He said, go to Wall Street. I said, where is that? What do they do? Said, just do it. I said, who do I call? He said, call Solomon Brothers and Goldman Sachs. I said, what's that who are they? Just do it. So I called both. …
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