Bloomberg in 60 Seconds
Introduction
Bloomberg powers the global financial market. It is one of the world’s leading financial information & technology company.
Bloomberg L.P. is a privately held company headquartered in New York, United States. Over 15,500 employees work in Bloomberg.
Fast Facts
- Founded: 1st October 1981
- Founders: Michael Bloomberg, Thomas Secunda, Duncan MacMillan, Charles Zegar
- Country of Founding: New York, United States
- No. of Employees: Over 15,500
Notable products from Bloomberg:
- Bloomberg Terminals (Bloomberg Professional Service)
- Bloomberg News and Bloomberg Television
History
Bloomberg was founded on 1st October 1981 with the company name Innovative Market Systems (IMS) by Michael Bloomberg, Thomas Secunda, Duncan MacMillan & Charles Zegar.
In 1981, Salomon Brothers was acquired and Michael Bloomberg received $10 Million for his equity in Salomon Brothers. Having designed the Salomon Brothers’ in-house financial system, he used his $10 million to start Innovative Market Systems (IMS). IMS provides real-time market data, financial calculations and analytics. In 1983, Merrill Lynch invested $30 million for a 30% equity in IMS to develop the Bloomberg Terminal.
Fun Facts About Michael Bloomberg:
- Largest Shareholder of Bloomberg L.P.
- Mayor of New York City since 2001
- Born on Valentines’ day 14th February 1942
- His Fortune is estimated at $36.5 Billion by Forbes in 2013
- This makes him the 10th richest person in the United States and the 13th wealthiest in the world
By 1986, 5,000 terminals had been installed in user’s offices. The company changed the name formally from Innovative Market Systems to Bloomberg L.P.
Between 1986 to 1993, Bloomberg Tradebook, Bloomberg Messaging Service, Bloomberg newswire and bloomberg.com were launched.
In late 1996, Bloomberg executed a 10% buyout of Merrill Lynch stake in Bloomberg L.P. for $200 million. This valued the company at $2 billion and Merrill Lynch share is reduced to 20%. (Merrill Lynch had owned 30% during their 1983 investment to finance the Bloomberg Terminal).
During the financial crisis in 2008, Merrill Lynch sold the remaining 20% to Bloomberg Inc (vehicle that manages Michael’s Bloomberg assets) for a reported $4.43 billion. The transaction valued Bloomberg L.P. at $22.5 billion.
Bloomberg Professional Service
Better known as Bloomberg Terminal, the computer system allow users to access, monitor & analyse global financial data, news, price quotes and send electronic messages through the secure Bloomberg Messaging Service.
| Launched | 1983 |
| Rates | $2,000-$2,200 per month |
| Features | 24×7 chat helpline, requires training to fully utilise the terminal’s functions |
| No. of users worldwide | Over 325,000 |
Subscription Cost: Annual fee of $20,000 per user if 2 or more units ($24,000 per year for firms with only one terminal)
Popular Bloomberg Products
Bloomberg News
Co-founded in 1990 with Matthew Winkler to deliver financial news to Bloomberg Terminal users.
Bloomberg.com
Established on 29th September 1993, bloomberg.com is a financial portal with information on markets, financial data, news & events.
Bloomberg Television
Introduced in 1994, it is a 24 hours financial news television network.
Other Bloomberg Products
- Bloomberg Magazine
- Bloomberg Government
- Bloomberg Law
- Bloomberg View
- Bloomberg Tradebook
- Bloomberg Beta
- Blooomberg Index
- Website: http://www.bloomberg.com
- All Image Credits: Bloomberg
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