Bloomberg Wasted $1 Billion of His Money on Presidential Run, Records Show

Michael Bloomberg wasted nearly 1 billion of his own money on failed 2020 presidential bid, FEC records show

Anti-Trump billionaire Michael Bloomberg blew a staggering $1 billion of his own money on his failed presidential bid, according to Federal Election Commission (FEC) fillings.

The former New York mayor spent $935,360,675.56 on his 2020 campaign, which ran out of steam in under five months and ended without him winning a single major primary contest.

Before Bloomberg ended his campaign in March, he faced a wave of accusations that he was trying to “buy” his way into the Democratic nomination.

Foxnews.com reports: He announced in November 2019, months after the majority of candidates had already started participating in official debates.

The former mayor, whose net worth is estimated to exceed $60 billion, flooded the airwaves with $550 million in advertisements. That included $224 million for Super Tuesday states. He first appeared on the ballot then after missing the first four contests in Iowa, New Hampshire, Nevada, and South Carolina.

ut of the 1,000 delegates up for grabs, Bloomberg only took dozens and failed to pick up wins in any major states. Instead, he only won the American Samoa caucuses.

Bloomberg has pledged to donate to assist whoever the Democratic nominee is and recently announced plans to transfer $18 million from his presidential campaign to the Democratic National Committee (DNC) in the largest single such transfer ever.

Bloomberg’s contribution amounts to more than the national party’s typical cash balance. The transfer will help the DNC make up for some of the steep fundraising disadvantages when compared with its Republican counterpart, which routinely has raised tens of millions more than the Democratic organization throughout election cycles.

The Bloomberg campaign, which hired a staff of 2,400 people across 43 states, will also transfer its offices in six pivotal states to the Democratic parties in those states, to help accelerate their hiring and organizing. Those states are Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin.

Former Bloomberg campaign staffers in those offices will continue to be paid by his campaign through the first week in April and have full benefits through the end of April.