“Mike Bloomberg spent over $1 billion this election cycle, but he doesn’t have much to show for it.”
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Remember when former New York City Mayor Michael Bloomberg was a presidential candidate? It already seems like a million years ago.
As you may know, after dropping out, Bloomberg decided to pump millions upon millions of dollars into the election. He might as well have just set it on fire.
Brian Schwartz reports at CNBC:
Mike Bloomberg takes big losses after spending over $100 million in Florida, Ohio and Texas
Billionaire and former presidential candidate Mike Bloomberg’s more than $100 million investment into three key states fell flat as President Donald Trump appears to have captured all of them.
In the months after Bloomberg dropping out of the Democratic primary, the New York business leader huddled with advisors to plot a spending blitz to help Democratic nominee Joe Biden overtake Trump. It was initially decided that most of a $100 million spend would go toward the pivotal state of Florida. Later he would add Ohio and Texas into the mix.
NBC News is projecting that Trump will defeat Biden in those states. Bloomberg’s team believed that if they spent big in Florida, it would force Trump and his allies to shift resources away from other regions of the country and into the key battleground state.
“Our goal was to make Trump fight for a state he was taking for granted and draw resources from blue-wall states, allowing Joe Biden to become more competitive in those states,” Kevin Sheekey, an advisor to Bloomberg, explained. “To make Trump fight like hell in Florida.”
Yelena Dzhanova of Business Insider has more:
Michael Bloomberg spent $1 billion this election cycle and is coming away with huge losses
Mike Bloomberg spent over $1 billion this election cycle, but he doesn’t have much to show for it.
With a net worth of over $48 billion, Bloomberg ranks 16th on Forbes’ list of richest people in the world. After spending more than $1 billion of his own money on his short-lived presidential bid, Bloomberg spent millions more to back presidential nominee Joe Biden and other Democratic candidates.
He spent over $100 million on television and digital ads in support of Biden in Florida. In Ohio and Texas, Bloomberg bought $15 million worth of TV ads in an effort to boost support for Biden in the two states. These three states, each boasting a significant number of electoral college votes, are considered crucial in the battle between Biden and President Donald Trump. But Biden lost each, rendering ineffective Bloomberg’s heavy spend.
Trump won Florida by less than four percentage points. In Ohio and Texas, the difference was about double what it was in Florida.
Remember all the times Democrats said they wanted big money out of politics? Yeah, that was a lie. In fact, Ian Millhiser of VOX has an idea for how Bloomberg’s millions would be better spent:
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