I didn't know he had a product until yesterday and I still don't really understand what it ishttps://twitter.com/flglmn/status/1230557950327975938 …
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Basically correct, although the terminal is the software rather than the machine. The value in it is the real-time feed of market data and electronic trading. And I've only ever seen one in person because my sister once worked for a company whose software had to run on one.
She had one for the purpose of bug-testing. Anyway, they are fantastically expensive ($20k per year per terminal) because the value of being able to interact with the market in real time, rather than at a delay, is huge for financial firms.
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Is this technology carefully patented or something? A live feed of financial market data does not seem like a particularly difficult concept to duplicate.
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So, the first Bloomberg terminal rolled out in '82, back when this was really quite hard. As that has become easier, there have been competitors (also very expensive - these machines are still managing a ton of data very fast).
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I think that's an invention which does provide actual value in the economy (more efficient markets are good). So I don't really begrudge Bloomberg his billions; it wasn't rent-seeking. But a notable invention doesn't entitle one to buy the presidency and it is a disgrace to try
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