"$20.0 billion - mayor mike has become america's 8th-richest citizen after a transaction put a solid valuation on bloomberg lp: he borrowed to buy a 20% stake in his company from merrill lynch (nyse: mer - news - people ) in july for $4.5 billion. today he owns 88% of the financial data and news outfit he founded in 1982. boston-born son of accountant got engineering degree from johns hopkins, m.b.a. from harvard. became a trader at salomon brothers 1970s, quit with $10 million in stock after merger. created financial information services firm innovative market systems to sell financial data, analytic tools to wall street. renamed bloomberg lp 1987- added news service, magazine, cable network, radio station. spent $74 million to become mayor of new york city in 2001 and $85 million on "
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