Overview
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan, Charles Zegar,[7] and a 12% ownership investment by Bank of America through their brokerage subsidiary Merrill Lynch.[8] Bloomberg L.P. provides financial software tools and enterprise applications such as analytics and equity trading platform, data services, and news to financial companies and organizations through the Bloomberg Terminal (via its Bloomberg Professional Service), its core revenue-generating product.[9] Bloomberg L.P. also includes a news agency (Bloomberg News), a global television network (Bloomberg Television), websites, radio stations (Bloomberg Radio), subscription-only newsletters, and two magazines: Bloomberg Businessweek and Bloomberg Markets.[10]
Founders
October 1, 1981
History
In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10million partnership settlement.[13] Bloomberg, having designed in-house computerized financial systems for Salomon,[14] used his $10million partnership buyout to start Innovative Market Systems (IMS).[15][14] Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. The Market Master terminal, later called the Bloomberg Terminal, was released to market in December 1982.[2]Merrill Lynch became the first customer, purchasing 20 terminals and a 30% equity stake in the company for $30million in exchange for a five-year restriction on marketing the terminal to Merrill Lynch's competitors.[14] Merrill Lynch released IMS from this restriction in 1984.[14]
Highlights
In May 2022, Bloomberg announced it would launch a new venture in the UK, Bloomberg UK, as part of a wider international strategy. Bloomberg UK plans to hire in the region and has launched a standalone website, a weekly video series, a podcast and new event series.[12]
Bloomberg L.P. v. Board of Governors of the Federal Reserve - Bloomberg L.P. brought a lawsuit against the Board of Governors of the Federal Reserve System (Bloomberg L.P. v. Board of Governors of the Federal Reserve System) to force the Fed to share details about its lending programs during the U.S. Government bailout in 2008.[105] The records documented Federal Reserve loans issued to financial firms and revealed the identities of the firms, the amounts borrowed and the collateral posted in return.[106] Bloomberg L.P. won at the trial court level.[107] The Second Circuit Court ruled in favor of Bloomberg L.P. in March 2010, but the case was appealed to the Supreme Court by a group of large U.S. commercial banks in October. In March 2011, the Supreme Court let stand the Second Circuit Court ruling mandating the release of Fed bailout details.[108]
Bloomberg New Economy Forum
Bloomberg New Economy Forum is an invitation-only event for business executives, government officials, and academics. The inaugural event was held in 2018 in Singapore. In 2019, the annual forum will take place in Beijing, China.[80] The Bloomberg New Economy Forum Community includes leaders from the public and private sectors from around the world. 2018 participants represented more than $5.36 trillion in market cap and boasted a roster of over 400 delegates from around the world. Forum advisory board members include former U.S. Secretary of State Dr. Henry A. Kissinger, former U.S. Secretary of the Treasury Hank Paulson, Vice Premier of China Zeng Peiyan, Bill Gates, Mukesh Ambani, Janet Yellen, Ursula Burns, Gary Cohn, Orit Gadiesh, Walter Isaacson, Yoriko Kawaguchi, Martin Lau, Jorge Paulo Lemann, Jean Liu, Strive Masiyiwa, and more.[citation needed] Founding partners of the forum included 3M, ADNOC, Dangote, ExxonMobil, FedEx, HSBC, Hyundai, Mastercard, Microsoft, & Softbank.[81]
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