By Nance Ebert
Contributing Writer
MEDFORD – He was a three-term mayor of New York City, and he’s one of the richest men in the world, with an estimated net worth in excess of $100 billion. But Michael R. Bloomberg grew up middle class in Medford and graduated from Medford High School.
Business success and philanthropy
Bloomberg went on to also graduate from Johns Hopkins University and Harvard Business School and subsequently made a fortune in the business world, much of which he has given away as a leading philanthropist.
At the dedication of the Charlotte and William Bloomberg Medford Public Library on June 1, 2022, Bloomberg addressed a crowd that included Medford Mayor Breanna Lungo-Koehn, Senator Markey, and others with humorous stories about his childhood in Medford.
“Seeing everyone here reminds me of the last time I stood in front of a big group of people in Medford,” he recalled. “It was just down High Street, in front of Gaffey’s Funeral Home. I was ten years old, and it was my very first experience with public speaking. I was picked from my Boy Scout troop to read a poem at the annual Patriot’s Day celebration, which began, ‘Listen my children and you shall hear…of the midnight ride of Paul Revere.’ The lines still come back to me.”
“It was the honor of my young life,” he continued, “and probably the reason I checked out ‘Johnny Tremain’ from this library, which I must’ve read a hundred times,” said Bloomberg.
He said he was thrilled to be a part of this dedication because the library meant so much to his family and the building is a significant part of Medford’s future.
Photos/courtesy of Bloomberg Philanthropies
He added, “It’s very exciting that Medford has a library like this. But really, every community should. Libraries are some of our most vital gathering spaces. They’re a source of knowledge for people of all ages. And they’re a true symbol of freedom.”
Bloomberg says he was focused and determined to succeed after completing college. His first job after graduation was working an entry-level job at Salomon Brothers. When the company was acquired in 1981, he was let go. He pivoted and started an information technology small start-up that would ensure “transparency and fairness to the financial system.” Bloomberg LP is now a global company that built his fortune and employs over 25,000 people in countries all over the world.
Political career
Bloomberg was elected New York City mayor a few weeks after the terrorist attacks of September 11, 2001, and he is credited with the city coming back stronger and faster than anyone had anticipated.
“We may not always agree with every one of our neighbors,” he observed in a speech in 2010 defending the construction of a mosque near the World Trade Center site. “That’s life. And it’s part of living in such a dense and diverse city. But we also recognize that part of being a New Yorker is living with our neighbors in mutual respect and tolerance. It is exactly that spirit of openness and acceptance that was attacked on 9/11,” stated Bloomberg.
During his time as mayor he was known to be a proponent of social causes and a supporter of strict gun laws. He ran for president of the United States in 2020.
After leaving City Hall, Bloomberg returned to Bloomberg Philanthropies. He is passionate about the environment, education, stem cell research, the arts, public health, government innovation, the Greenwood Initiative (whose goal is to quicken the pace of wealth accumulation in African-American communities and address systemic underinvestment in them) and other issues. He says he gives back whenever he can and has donated over 21 billion dollars to a wide array of organizations and causes.
Legacy and honors
His friend, the late journalist Barbara Walters attested to his generosity and philanthropy. “I knew he wanted to do something with his life besides making money,” she told Globes, an Israeli business publication, in 2008. “This was not a man who used his money because he was going to take us all on a yacht.”
Joan Rosenbaum, director of the Jewish Museum told New York Magazine in 2005, “Being charitable is an important part of Jewish Identity. Michael has been an extraordinarily generous supporter of the museum since 1988.”
In 2024, President Biden presented Michael Bloomberg with the Presidential Medal of Freedom. This award recognizes those who have made extraordinary contributions to the United States.
Bloomberg gave $1.8 billion to Johns Hopkins, his alma mater, to guarantee “need-based admissions” for all students. He has also reputedly given away hundreds of millions of dollars with no strings attached to friends, worthy causes, even to strangers in need.
He told the Harvard graduating class of 2014, “Throughout your lives, do not be afraid of saying what you believe is right, no matter how unpopular it may be, especially when it comes to defending the rights of others.”
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