Billionaire Mike Bloomberg was fired after dedicating 15 years of his career to Salomon Brothers—the next morning, he founded his media empire

Being involuntarily ousted from a job —whether that be from a layoff or firing—is a universal, career-altering experience that very few professionals are lucky enough to never go through.

Many of the greats have gotten the boot: Steve Jobs was ousted from Apple in 1985 after an intense power struggle at the $4.85 trillion company; Oprah Winfrey was fired from her job as a TV anchor in Baltimore, deemed “unfit” for the role; and even pioneering inventor Thomas Edison was dumped from several jobs while he continued to shape our modern world.

Mike Bloomberg —American media magnate, politician, and philanthropist—was no exception.

About 44 years ago, before founding his news company or becoming the 108th Mayor of New York City, the billionaire was let go from his role as partner at investment bank Salomon Brothers.

He had spent 15 years working his way up the corporate totem pole, starting as an entry-level clerk earning $9,000 annually.

After being laid off amid Salomon Brothers’ acquisition by Phibro Corporation, it would be the last time he worked a traditional full-time job.

“Getting fired from Salomon Brothers drove home a lesson that I’ve carried with me throughout my career in business, government, and philanthropy: Every setback is an opportunity,” Bloomberg told Fortune last year.

“If I hadn’t gotten fired, I might never have started Bloomberg, never run for mayor, and never had the chance to give back through Bloomberg Philanthropies, which is working to tackle big challenges around the world.” The now-84-year-old entrepreneur wasted no time wallowing in the pain of being pushed out from a company where he said he would have spent his entire career.

The morning after getting laid off, Bloomberg launched an organization named Innovative Market Solutions that would later become Bloomberg LLC: the privately held software, data, and media company with major successes including the Bloomberg terminal and Bloomberg News .

He teamed up with Thomas Secunda, Duncan MacMillan, and Charles Zegar to cofound the organization in 1981, using his $10 million severance package from Salomon Brothers to get the business off the ground.

Bloomberg currently owns 88% of his company, which has estimated annual revenues of nearly $15 billion, according to Forbes .

Bloomberg himself is worth an estimated $109.4 billion.

From his current height as one of the most influential billionaires spanning politics, media, and philanthropy, that rejection is far in the rear-view mirror.

But the experience taught Bloomberg setbacks don’t have to be career-crushing, and impacted his philosophy as a leader today.