Bloomberg is Wall Street’s Biggest Tech Company
Bloomberg is Wall Street’s Biggest Tech Company
The privately-held company is a functional institution firmly under founder Michael Bloomberg’s control. It is a rare software giant to emerge from outside California.
Bloomberg L.P. is a privately-held U.S. financial software and news media company founded in 1981, headquartered in New York City, and which today employs about 20,000 people. The company’s primary product is the Bloomberg Terminal, a software platform for financial analytics and trading that provides an internal chat platform and updates on market movements and breaking news. Despite a relatively small and elite user base—only 365,000 subscribers globally1—Bloomberg terminals have a base price of $30,000 annually and are estimated to be around 75% of Bloomberg’s revenue.2 As a private company, Bloomberg is not required to make its finances public, but its 2022 annual revenue is estimated at $12.2 billion and the company is reportedly very profitable.3 Co-founder and CEO Michael Bloomberg, who owns at least 88% of Bloomberg, has a net worth of approximately $94.5 billion.4