Bloomberg spent nearly $1B on failed presidential campaign

Mike Bloomberg is not going away: Doug Schoen

Bloomberg adviser Doug Schoen discusses Mike Bloomberg’s former candidacy and effort to support Joe Biden for the presidency.

Former New York City mayor and 2020 Democratic presidential candidate Mike Bloomberg spent a hefty amount of his own cash on a presidential campaign that lasted mere months.

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According to newly public Federal Exchange Commission filings, Bloomberg injected nearly $1 billion into his now-defunct campaign. Total receipts came out to $936,225,041.67.

It had previously been thought that the former New York City mayor had spent around $500 million on advertisements for his campaign.

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The spending spree is unlikely to phase Bloomberg’s bank account, however. According to Forbes, his net worth as of Friday was $50 billion.

The billionaire businessman, who self-funded his entire campaign, entered the race in November. He announced on March 4 – following a poor Super Tuesday performance – that he would withdraw.

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Bloomberg has since pledged to throw his full support behind the presumptive nominee, former Vice President Joe Biden. Independent Vermont Sen. Bernie Sanders is also still in the race, though Biden has shown a far stronger performance in securing delegates across the early voting states.

Earlier on Friday, Bloomberg scrapped plans to form a Super PAC to fund the Democratic nominee, instead opting to give just $18 million from his own campaign funds to the Democratic National Committee.

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