Mike Bloomberg is especially wealthy even by billionaire standards. jbarro writes on how he's grown his fortune
Fifty-three times richer than your basic billionaire. Photo: Roy Rochlin/Getty Images Mike Bloomberg, the other billionaire thinking about running for president, isn’t just another billionaire, and I don’t just mean that because, unlike Tom Steyer, he has actually held a major elected position. I mean Bloomberg is especially wealthy by billionaire standards. According to Forbes magazine estimates, he’s the eighth-richest person in America with a net worth of $53.
But there are many kinds of information that people used to pay for and now get for free, or much more cheaply, over the internet. Who needs to buy the Zagat guide when Yelp reviews are free? Similarly, there is an ever-increasing number of specialized financial-information services available on the internet priced far below $20,000.
Brown agreed that it would be possible for many Terminal users to cobble together web services providing the information they truly need for much less than Bloomberg’s subscription fee. But he said this approach is less user friendly and less reliable and that users remain willing to pay a high price for the Bloomberg Terminal because of the cost savings they can generate from using it.
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