How Mike Bloomberg made his billions: a computer system you’ve probably never seen

VOX ^ | Dec 11,2019 | By Emily Stewart

[Hojczyk]

Michael Bloomberg is very rich. And not just billionaire rich — he’s one of the richest people in the world, clocking in at more than $50 billion. How he got there: a computer system most people have never heard of, let alone seen.

Bloomberg is the founder of Bloomberg LP, a private, multibillion-dollar firm he launched in 1981. Today, the company does a lot of things — it deals in data, in technology, and in media — but it came to prominence because of the Bloomberg Terminal, a computer software system for the financial industry that basically puts all the relevant information, capabilities, and people in the same place.

It still looks like it’s straight out of the ’80s — it’s got a black background, lots of neon text, early days computing-style block letters, and a funny-looking keyboard — and it isn’t the easiest system to navigate, but it’s established a grip on Wall Street that competitors haven’t really been able to shake. Subscriptions cost between $20,000 and $24,000 annually, and right now, there are more than 325,000 subscribers signed up.

Basically, it’s still the place a lot of traders, analysts, and executives prefer to do their work. And because so many of the movers and shakers are already there, if you want to be the next big thing in finance, you want to be there, too. You’re not going to win the Super Bowl if you aren’t even playing in the right stadium.

[dfwgator]

Does it skim fractions of pennies from each account?

[Paladin2]