Bloomberg was born at St. Elizabeth's Hospital, in Brighton, a neighborhood of Boston, Massachusetts, on February 14, 1942, to William Henry Bloomberg (1906–1963), a bookkeeper for a dairy company, and Charlotte (née Rubens) Bloomberg (1909–2011). The Bloomberg Center at the Harvard Business School was named in William Henry's honor. His family is Jewish, and he is a member of the Emanu-El Temple in Manhattan. Bloomberg's paternal grandfather, Alexander "Elick" Bloomberg, was a Polish Jew. Bloomberg's maternal grandfather, Max Rubens, was a Lithuanian Jewish immigrant from present-day Belarus. His maternal grandmother was born in New York to Lithuanian Jewish parents.
Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner and co-founder of Bloomberg L.P.. He was the mayor of New York City from 2002 to 2013, and was a candidate in the 2020 Democratic presidential primaries.
Bloomberg is an Eagle Scout and he graduated from Medford High School in 1960. He went on to attend Johns Hopkins University, where he joined the fraternity Phi Kappa Psi and constructed the school mascot's (the blue jay's) costume. He graduated in 1964 with a Bachelor of Science degree in electrical engineering. In 1966, he graduated from Harvard Business School with a Master of Business Administration.
In 1996, Bloomberg endowed the William Henry Bloomberg Professorship at Harvard University with a $3 million gift in honor of his father, who died in 1963, saying, "throughout his life, he recognized the importance of reaching out to the nonprofit sector to help better the welfare of the entire community."
As of 2019, Bloomberg has given more than $3.3 billion to Johns Hopkins University, his alma mater, making him "the most generous living donor to any education institution in the United States." His first contribution, in 1965, had been $5. He made his first $1 million commitment to JHU in 1984, and subsequently became the first individual to exceed $1 billion in lifetime donations to a single U.S. institution of higher education.
In 1973, Bloomberg became a general partner at Salomon Brothers, a large Wall Street investment bank, where he headed equity trading and, later, systems development. In 1981, Salomon Brothers was bought by Phibro Corporation, and Bloomberg was laid off from the investment bank with a $10 million cash buyout of his partnership stake in the firm.
In 1975, Bloomberg married Susan Elizabeth Barbara Brown, a British national from Yorkshire, United Kingdom. They have two daughters: Emma (born c. 1979) and Georgina (born 1983), who were featured on Born Rich, a 2003 documentary film about the children of the extremely wealthy. Bloomberg divorced Brown in 1993, but he has said she remains his "best friend." Since 2000, Bloomberg has lived with former New York state banking superintendent Diana Taylor.
Bloomberg grew up in Medford, Massachusetts and graduated from Johns Hopkins University and Harvard Business School. He began his career at the securities brokerage Salomon Brothers before forming his own company in 1981. That company, Bloomberg L.P., is a financial information, software and media firm that is known for its Bloomberg Terminal. Bloomberg spent the next twenty years as its chairman and CEO. In 2019, Forbes ranked him as the ninth-richest person in the world, with an estimated net worth of $55.5 billion. Since signing The Giving Pledge, Bloomberg has given away $8.2 billion.
Using this money, Bloomberg, having designed in-house computerized financial systems for Salomon, set up a data services company named Innovative Market Systems (IMS) based on his belief that Wall Street would pay a premium for high-quality business information, delivered instantaneously on computer terminals in a variety of usable formats. The company sold customized computer terminals that delivered real-time market data, financial calculations and other analytics to Wall Street firms. The terminal, first called the Market Master terminal, was released to market in December 1982.
In 1986, the company renamed itself Bloomberg L.P. Over the years, ancillary products including Bloomberg News, Bloomberg Radio, Bloomberg Message, and Bloomberg Tradebook were launched. Bloomberg, L.P. had revenues of approximately $10 billion in 2018. As of 2019, the company has more than 325,000 terminal subscribers worldwide and employs 20,000 people in dozens of locations.
Ronald Lauder, who campaigned for New York City's term limits in 1993 and spent over 4 million dollars of his own money to limit the maximum years a mayor could serve to eight years, sided with Bloomberg and agreed to stay out of future legality issues. In exchange, he was promised a seat on an influential city board by Bloomberg.
Bloomberg, with Matthew Winkler, wrote an autobiography, Bloomberg by Bloomberg, published in 1997 by Wiley. A second edition was released in 2019, ahead of Bloomberg's presidential run. Bloomberg and former Sierra Club Executive Director Carl Pope co-authored Climate of Hope: How Cities, Businesses, and Citizens Can Save the Planet (2017), published by St. Martin's Press; the book appeared on the New York Times hardcover nonfiction best-seller list. Bloomberg has written a number of op-eds in the New York Times about various issues, including an op-ed supporting state and local efforts to fight climate change (2017), an op-ed about his donation of $1.8 billion in financial aid for college students and support for need-blind admission policies (2018); an op-ed supporting a ban on flavored e-cigarettes (2019); and an op-ed supporting policies to reduce economic inequality (2020).
Bloomberg opposed the confirmation of John Roberts as Chief Justice of the United States. Bloomberg is a staunch supporter of abortion rights and did not believe that Roberts was committed to maintaining Roe v. Wade. In addition to Republican support, Bloomberg obtained the endorsements of several prominent Democrats: former Democratic Mayor Ed Koch; former Democratic governor Hugh Carey; former Democratic City Council Speaker Peter Vallone, and his son, Councilman Peter Vallone Jr.; former Democratic Congressman Floyd Flake (who had previously endorsed Bloomberg in 2001), and Brooklyn Borough President Marty Markowitz.
Bloomberg was elected the 108th mayor of New York City. First elected in 2001, he held office for three consecutive terms, winning re-election in 2005 and in 2009. Pursuing socially liberal and fiscally moderate policies, Bloomberg developed a technocratic managerial style. After a brief stint as a full-time philanthropist, he re-assumed the position of CEO at Bloomberg L.P. by the end of 2014.
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 had been a lifelong member of the Democratic Party, decided to run for mayor on the Republican ticket. Voting in the primary began on the morning of September 11, 2001. The primary was postponed later that day, due to the September 11 attacks. In the rescheduled primary, Bloomberg defeated Herman Badillo, a former Democratic congressman, to become the Republican nominee. After a runoff, the Democratic nomination went to New York City Public Advocate Mark J. Green.
Bloomberg assumed office as the 108th mayor of New York City on January 1, 2002. He won re-election in 2005 and again in 2009. As mayor, he initially struggled with approval ratings as low as 24 percent; however, he subsequently developed and maintained high approval ratings. Bloomberg joined Rudy Giuliani and Fiorello La Guardia as re-elected Republican mayors in the mostly Democratic city.
Bloomberg's younger sister, Marjorie Tiven, has been Commissioner of the New York City Commission for the United Nations, Consular Corps and Protocol, since February 2002. His daughter Emma is married to Christopher Frissora, son of multimillionaire businessman Mark Frissora.
As mayor, Bloomberg turned the city's $6 billion into a $3 billion surplus, largely by raising property taxes. Bloomberg increased city funding for the new development of affordable housing through a plan that created and preserved an estimated 160,000 affordable homes in the city. In 2003, he implemented a successful smoking ban in all indoor workplaces, including bars and restaurants, and many other cities and states followed suit. On December 5, 2006, New York City became the first city in the United States to ban trans-fat from all restaurants. This went into effect in July 2008 and has since been adopted in many other cities and countries. Bloomberg created bicycle lanes, required chain restaurants to post calorie counts, and 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 to address disparities between young Black and Latino men and their peers, and personally donated $30 million to the project. In 2010, Bloomberg supported the then-controversial Islamic complex near Ground Zero.
Bloomberg was a lifelong Democrat until 2001, when he switched to the Republican Party to run for Mayor. He switched to an independent in 2007 and registered again as a Democrat in October 2018. In 2004, he endorsed the re-election of George W. Bush and spoke at the 2004 Republican National Convention. He endorsed Barack Obama's re-election in 2012, endorsed Hillary Clinton in the 2016 election, and spoke at the 2016 Democratic National Convention.
According to a profile in Fast Company, his Bloomberg Philanthropies foundation has five areas of focus: public health, the arts, government innovation, the environment, and education. According to the Chronicle of Philanthropy, Bloomberg was the third-largest philanthropic donor in America in 2015. Through his Bloomberg Philanthropies Foundation, he has donated and/or pledged $240 million in 2005, $60 million in 2006, $47 million in 2007, $150 million in 2009, $332 million in 2010, $311 million in 2011, and $510 million in 2015.
Bloomberg was re-elected mayor in November 2005 by a margin of 20 percent, the widest margin ever for a Republican mayor of New York City. He spent almost $78 million on his campaign, exceeding the record of $74 million he spent on the previous election. In late 2004 or early 2005, Bloomberg gave the Independence Party of New York $250,000 to fund a phone bank seeking to recruit volunteers for his re-election campaign.
Bloomberg has been a longtime donor to global tobacco control efforts. Bloomberg has donated close to $1 billion to the World Health Organization (WHO) to promote anti-smoking efforts, including $125 million in 2006, $250 million in 2008, and $360 million, making Bloomberg Philanthropies the developing world's biggest funder of tobacco-control initiatives. In 2013, it was reported that Bloomberg had donated $109.24 million in 556 grants and 61 countries to campaigns against tobacco. Bloomberg's contributions are aimed at "getting countries to monitor tobacco use, introduce strong tobacco-control laws, and create mass media campaigns to educate the public about the dangers of tobacco use."
Bloomberg stated that during his mayoralty, he rode the New York City Subway on a daily basis, particularly in the commute from his 79th Street home to his office at City Hall. An August 2007 story in The New York Times stated that he was often seen chauffeured by two New York Police Department-owned SUVs to an express train station to avoid having to change from the local to the express trains on the IRT Lexington Avenue Line. He supported the construction of the 7 Subway Extension and the Second Avenue Subway; in December 2013, Bloomberg took a ceremonial ride on a train to the new 34th Street station to celebrate a part of his legacy as mayor.
Bloomberg was frequently mentioned as a possible centrist candidate for the presidential elections in 2008 and 2012, as well as for governor of New York in 2010 or vice-president in 2008. He eventually declined to seek all of these offices.
When he left the position of CEO to pursue a political career as the mayor of New York City, Bloomberg was replaced by Lex Fenwick and later by Daniel L. Doctoroff, after his initial service as deputy mayor under Bloomberg. After completing his final term as the mayor of New York City, Bloomberg spent his first eight months out of office as a full-time philanthropist. In fall 2014, he announced that he would return to Bloomberg L.P. as CEO at the end of 2014, succeeding Doctoroff, who had led the company since February 2008. Bloomberg resigned as CEO of Bloomberg L.P. to run for president in 2019.
On October 2, 2008, Bloomberg announced he would seek to extend the city's term limits law and run for a third mayoral term in 2009, arguing a leader of his field was needed following the financial crisis of 2007–08. "Handling this financial crisis while strengthening essential services ... is a challenge I want to take on," Bloomberg said at a news conference. "So should the City Council vote to amend term limits, I plan to ask New Yorkers to look at my record of independent leadership and then decide if I have earned another term."
Some people and organizations objected and NYPIRG filed a complaint with the City Conflict of Interest Board. On October 23, 2008, the City Council voted 29–22 in favor of extending the term limit to three consecutive four-year terms. After two days of public hearings, Bloomberg signed the bill into law on November 3.
Bloomberg gave $254 million in 2009 to almost 1,400 nonprofit organizations, saying, "I am a big believer in giving it all away and have always said that the best financial planning ends with bouncing the check to the undertaker."
In March 2009, Forbes reported Bloomberg's wealth at $16 billion, a gain of $4.5 billion over the previous year, the world's biggest increase in wealth from 2008 to 2009. Bloomberg moved from 142nd to 17th in the Forbes list of the world's billionaires in only two years. In the 2019 Forbes list of the world's billionaires, he was the ninth-richest person; his net worth was estimated at $55.5 billion.
After the release of Independence Party campaign filings in January 2010, it was reported that Bloomberg had made two $600,000 contributions from his personal account to the Independence Party on October 30 and November 2, 2009. The Independence Party then paid $750,000 of that money to Republican Party political operative John Haggerty Jr.
Bloomberg was named the 39th most influential person in the world in the 2007 and 2008 Time 100. In 2010, Vanity Fair ranked him #7 in its "Vanity Fair 100" list of influential figures.
This prompted an investigation beginning in February 2010 by the office of New York County District Attorney Cyrus Vance Jr. into possible improprieties. The Independence Party later questioned how Haggerty spent the money, which was to go to poll-watchers. Former New York State Senator Martin Connor contended that because the Bloomberg donations were made to an Independence Party housekeeping account rather than to an account meant for current campaigns, this was a violation of campaign finance laws. Haggerty also spent money from a separate $200,000 donation from Bloomberg on office space.
In August 2010, Bloomberg signed The Giving Pledge, whereby the wealthy pledge to give away at least half of their wealth. Since then, he has given away $8.2 billion.
Bloomberg is an environmentalist and has advocated policy to fight climate change at least since he became the mayor of New York City. At the national level, Bloomberg has consistently pushed for transitioning the United States' energy mix from fossil fuels to clean energy. In July 2011, Bloomberg Philanthropies donated $50 million to Sierra Club's Beyond Coal campaign, allowing the campaign to expand its efforts to shut down coal-fired power plants from 15 states to 45 states. In 2015, Bloomberg announced an additional $30 million contribution to the Beyond Coal initiative, matched with another $30 million by other donors, to help secure the retirement of half of America's fleet of coal plants by 2017. In early June 2019, Bloomberg pledged $500 million to reduce climate impacts and shut remaining coal-fired power plants by 2030 via the new Beyond Carbon initiative.
In July 2011, Bloomberg launched a $24 million initiative to fund "Innovation Delivery Teams" in five cities. The teams are one of Bloomberg Philanthropies' key goals: advancing government innovation. In December 2011, Bloomberg Philanthropies launched a partnership with online ticket search engine SeatGeek to connect artists with new audiences. Called the Discover New York Arts Project, the project includes organizations HERE, New York Theatre Workshop, and the Kaufman Center.
In the immediate aftermath of Hurricane Sandy in November 2012, Bloomberg penned an op-ed officially endorsing Barack Obama for president, citing Obama's policies on climate change.
Bloomberg has received the Yale School of Management's Award for Distinguished Leadership in Global Capital Markets (2003); Barnard College's Barnard Medal of Distinction (2008); the Robert Wood Johnson Foundation Leadership for Healthy Communities' Healthy Communities Leadership Award (2009); and the Jefferson Awards Foundation's U.S. Senator John Heinz Award for Greatest Public Service by an Elected or Appointed Official (2010). He was the inaugural laureate of the annual Genesis Prize for Jewish values in 2013, and donated the $1 million prize money to a global competition, the Genesis Generation Challenge, to identify young adults' big ideas to better the world.
Bloomberg's contributions to Johns Hopkins "fueled major improvements in the university's reputation and rankings, its competitiveness for faculty and students, and the appearance of its campus," and included construction of a children's hospital (the Charlotte R. Bloomberg Children's Center Building, named after Bloomberg's mother); a physics building, a school of public health (the Johns Hopkins Bloomberg School of Public Health), libraries, and biomedical research facilities, including the Institute for Cell Engineering, a stem-cell research institute within the School of Medicine, and the Malaria Research Institute within the School of Public Health. In 2013, Bloomberg committed $350 million to Johns Hopkins, five-sevenths of which were allocated to the Bloomberg Distinguished Professorships, endowing 50 Bloomberg Distinguished Professors (BDPs) whose interdisciplinary expertise crosses traditional academic disciplines. In 2016, on the School of Public Health's centennial, Bloomberg Philanthropies contributed $300 million to establish the Bloomberg American Health Initiative. Bloomberg also funded the launch of the Bloomberg–Kimmel Institute for Cancer Immunotherapy within the Johns Hopkins School of Medicine in East Baltimore, with a $50 million gift; an additional $50 million was given by philanthropist Sidney Kimmel, and $25 million by other donors. It will support cancer therapy research, technology and infrastructure development, and private sector partnerships. In 2016, Bloomberg joined Vice President Joe Biden for the institute's formal launch, embracing Biden's "cancer moonshot" initiative, which seeks to find a cure for cancer through national coordination of government and private sector resources. In 2018, Bloomberg contributed a further gift of $1.8 billion to Johns Hopkins, allowing the university to practice need-blind admission and meet the full financial need of admitted students.
During his term as mayor, he lived at his own home on the Upper East Side of Manhattan instead of Gracie Mansion, the official mayoral residence. In 2013, he owned 13 properties in various countries around the world, including a $20 million Georgian mansion in Southampton, New York. In 2015, he acquired 4 Cheyne Walk, a historical property in Cheyne Walk, Chelsea, London, which once belonged to writer George Eliot. Bloomberg and his daughters own houses in Bermuda and stay there frequently.
In 2013, Bloomberg and Bloomberg Philanthropies launched the Risky Business initiative with former Treasury Secretary Hank Paulson and hedge-fund billionaire Tom Steyer. The joint effort worked to convince the business community of the need for more sustainable energy and development policies, by quantifying and publicizing the economic risks the United States faces from the impact of climate change. In January 2015, Bloomberg led Bloomberg Philanthropies in a $48-million partnership with the Heising-Simons family to launch the Clean Energy Initiative. The initiative supports state-based solutions aimed at ensuring America has a clean, reliable, and affordable energy system.
On September 13, 2013, Bloomberg announced that he would not endorse any of the candidates to succeed him. On his radio show, he stated, "I don't want to do anything that complicates it for the next mayor. And that's one of the reasons I've decided I'm just not going to make an endorsement in the race." He added, "I want to make sure that person is ready to succeed, to take what we've done and build on that."
Bloomberg greatly expanded the New York City Police Department's stop and frisk program, with a sixfold increase in documented stops. The policy was challenged in U.S. Federal Court, which ruled that the city's implementation of the policy violated citizens' rights under the Fourth Amendment of the Constitution and encouraged racial profiling. Bloomberg's administration appealed the ruling; however, his successor, Mayor Bill de Blasio, dropped the appeal and allowed the ruling to take effect. After the September 11 attacks, with assistance from the Central Intelligence Agency, Bloomberg's administration oversaw a controversial program that surveilled Muslim communities on the basis of their religion, ethnicity, and language. The program was discontinued in 2014.
In 2014, Queen Elizabeth II appointed Bloomberg an Honorary Knight Commander of the Order of the British Empire for his "prodigious entrepreneurial and philanthropic endeavors, and the many ways in which they have benefited the United Kingdom and the U.K.-U.S. special relationship."
In 2014, United Nations Secretary General Ban Ki-moon appointed Bloomberg as his first Special Envoy for Cities and Climate Change to help the United Nations work with cities to prevent climate change. In September 2014, Bloomberg convened with Ban and global leaders at the UN Climate Summit to announce definite action to fight climate change in 2015. In 2018, Ban's successor António Guterres appointed Bloomberg as UN envoy for climate action. He resigned in November 2019, in the run-up to his presidential campaign.
On January 1, 2014, de Blasio became New York City's new mayor, succeeding Bloomberg.
In a January 2014 Quinnipiac poll, 64 percent of voters called Bloomberg's 12 years as mayor "mainly a success."
Since 2010, Bloomberg has taken an increasingly global role on environmental issues. From 2010 to 2013, he served as the chairman of the C40 Cities Climate Leadership Group, a network of the world's biggest cities working together to reduce carbon emissions. During his tenure, Bloomberg worked with President Bill Clinton to merge C40 with the Clinton Climate Initiative, with the goal of amplifying their efforts in the global fight against climate change worldwide. He serves as the president of the board of C40 Cities. In January 2014, Bloomberg began a five-year commitment totaling $53 million through Bloomberg Philanthropies to the Vibrant Oceans Initiative. The initiative partners Bloomberg Philanthropies with Oceana, Rare, and Encourage Capital to help reform fisheries and increase sustainable populations worldwide. In 2018, Bloomberg joined Ray Dalio in announcing a commitment of $185 million towards protecting the oceans.
In 2015, Bloomberg and Paris mayor Anne Hidalgo created the Climate Summit for Local Leaders. which convened assembled hundreds of city leaders from around the world at Paris City Hall to discuss fighting climate change. The Summit concluded with the presentation of the Paris Declaration, a pledge by leaders from assembled global cities to cut carbon emissions by 3.7 gigatons annually by 2030.
In 2015, Bloomberg donated $100 million to Cornell Tech, the applied sciences graduate school of Cornell University, to construct the first academic building, "The Bloomberg Center", on the school's Roosevelt Island campus.
Bloomberg has stated that running as a Democrat – not an independent – is the only path he sees to defeating Donald Trump, saying: "In 2020, the great likelihood is that an independent would just split the anti-Trump vote and end up re-electing the President. That's a risk I refused to run in 2016 and we can't afford to run it now."
In 2016, Bloomberg gave Harvard $32 million to create the Bloomberg Harvard City Leadership Initiative within Harvard Kennedy School's Ash Center for Democratic Governance and Innovation; the initiative provides training to mayors and their aides on innovative municipal leadership and challenges facing cities.
In 2016, the Museum of Science, Boston announced a $50 million gift from Bloomberg. The donation marks Bloomberg's fourth gift to the museum, which he credits with sparking his intellectual curiosity as a patron and student during his youth in Medford, Massachusetts. The endowment supported the museum's education division, named the William and Charlotte Bloomberg Science Education Center in honor of Bloomberg's parents. It is the largest donation in the museum's 186-year history.
On January 23, 2016, it was reported that Bloomberg was again considering a presidential run, as an independent candidate in the 2016 election, if Bernie Sanders got the Democratic party nomination. This was the first time he had officially confirmed he was considering a run. Bloomberg supporters believed that Bloomberg could run as a centrist and capture many voters who were dissatisfied with the likely Democratic and Republican nominees. However, on March 7, Bloomberg announced he would not be running for president.
In late 2014, Bloomberg, Ban Ki-moon, and global city networks ICLEI-Local Governments for Sustainability (ICLEI), C40 Cities Climate Leadership Group (C40) and United Cities and Local Governments (UCLG), with support from UN-Habitat, launched the Compact of Mayors, a global coalition of mayors and city officials pledging to reduce local greenhouse gas emissions, enhance climate resilience, and track their progress transparently. To date, over 250 cities representing more than 300 million people worldwide and 4.1 percent of the total global population, have committed to the Compact of Mayors, which was merged with the Covenant of Mayors in June 2016.
In July 2016, Bloomberg delivered a speech at the 2016 Democratic National Convention in which he called Hillary Clinton "the right choice". Bloomberg warned of the dangers a Donald Trump presidency would pose. He said Trump "wants you to believe that we can solve our biggest problems by deporting Mexicans and shutting out Muslims. He wants you to believe that erecting trade barriers will bring back good jobs. He's wrong on both counts." Bloomberg also said Trump's economic plans "would make it harder for small businesses to compete" and would "erode our influence in the world". Trump responded to the speech by condemning Bloomberg in a series of tweets.
In August 2016, the World Health Organization appointed Bloomberg as its Global Ambassador for Noncommunicable Diseases. In this role, Bloomberg will mobilize private sector and political leaders to help the WHO reduce deaths from preventable diseases, traffic accidents, tobacco, obesity, and alcohol. WHO Director-General Margaret Chan cited Bloomberg's ongoing support for WHO anti-smoking, drowning prevention, and road safety programs in her announcement of his new role.
In 2017, Bloomberg donated $75 million for The Shed, a new arts and cultural center in Hudson Yards, Manhattan.
Bloomberg hosted the Global Business Forum on September 2017, during the annual meeting of the United Nations General Assembly; the gathering featured international CEOs, heads of state, and other prominent speakers.
In June 2018, Bloomberg made pledged $80 million to support Democratic congressional candidates in the 2018 election, with the goal of flipping control of the Republican-controlled House to Democrats. In a statement, Bloomberg said that Republican House leadership were "absolutely feckless" and had failed to govern responsibly. Bloomberg advisor Howard Wolfson was chosen to lead the effort, which was to target mainly suburban districts. By early October, Bloomberg had committed more than $100 million to returning the House and Senate to Democratic power, fueling speculation about a presidential run in 2020. On October 10, 2018, Bloomberg announced that he had returned to the Democratic party.
On March 5, 2019, Bloomberg had announced that he would not run for president in 2020. Instead, he encouraged the Democratic Party to "nominate a Democrat who will be in the strongest position to defeat Donald Trump". However, due to his dissatisfaction with the Democratic field, Bloomberg reconsidered. He officially launched his campaign for the 2020 Democratic nomination on November 24, 2019.
In May 2019, Bloomberg announced a 2020 Midwestern Collegiate Climate Summit in Washington University in St. Louis with the aim to bring together leaders from Midwestern universities, local government and the private sector to reduce climate impacts in the region.
During and after his tenure, he was a staunch supporter of stop-and-frisk. In November 2019, Bloomberg apologized for supporting it. He advocates reversing many of the Trump tax cuts. His own tax plan includes implementing a 5 percent surtax on incomes above $5 million a year and would raise federal revenue by $5 trillion over a decade. He opposes a wealth tax, saying that it would likely be found unconstitutional. He has also proposed more stringent financial regulations that include tougher oversight for big banks, a financial transactions tax, and stronger consumer protections.
In November 2019, Bloomberg officially launched his campaign for the Democratic nomination for president of the United States in the 2020 election. He ended his campaign in March 2020, after having won only 61 delegates. Bloomberg self-funded $935 million on the primary campaign, setting the record for the most expensive U.S. presidential primary campaign.
As a late entrant to the race, Bloomberg skipped the first four state primaries and caucuses. He spent $676 million of his personal fortune on the primary campaign, breaking a record for the most money ever spent on a presidential primary campaign. His campaign blanketed the country with campaign advertisements on broadcast and cable television, the Internet, and radio, as well as direct mail. Bloomberg also spent heavily on campaign operations that grew to 200 field offices and more than 2,400 paid campaign staffers. His support in nationwide opinion polls hovered around 15 percent but stagnated or dropped before Super Tuesday. Bloomberg suspended his campaign on March 4, 2020, after a disappointing Super Tuesday in which he won only American Samoa. He subsequently endorsed former Vice President Joe Biden.