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Michael Bloomberg Reportedly Spent $1 Billion On His Failed Presidential Bid

Published Fri Mar 27 2020 By Amy
Michael Bloomberg Reportedly Spent $1 Billion On His Failed Presidential Bid

As the world prepares to fight the pandemic virus, leaders prepare to fight for the presidential seat in the 2020 United States presidential election.  

Several individuals from different states filed for the presidential campaign; however, very few of them had their names on the ballot. 

While some of them withdrew before the Iowa caucuses, some withdrew after it-Joe Biden, and Bernie Sanders are the only two active candidates. Not to mention, multi-billionaire Michael Bloomberg was one of the candidates to withdrew from the 2020 United States presidential election after the Iowa caucuses. 

The multi-billionaire Michael Rubens Bloomberg was the mayor of New York City from 2002 to 2013. In 2019, Bloomberg was listed as the ninth-richest person in the world by Forbes. 

When Did Michael Bloomberg Take Part In the Election?

Throughout the time, Bloomberg has been involved in several businesses, real estate, and philanthropic works. 

In 2001, he stepped down as the CEO and ran for mayor of New York City. Michael eventually won the election, which took place just three weeks after the September 11 attack. 

Michael Bloomberg ran for the 2020 Presidential Campaign on 24th November 2019Image Source: Business Insider
Michael Bloomberg ran for the 2020 Presidential Campaign on 24th November 2019

Image Source: Business Insider

During his time in office, Bloomberg spent around $268 million from his own money on re-election campaigns. Likewise, he also spent 4890,000 to provide free breakfast and lunch every day for his entire staff during his three terms. 

On 5th March 2019, he announced that he would not run for president in 2020, however, due to his dissatisfaction with the Democratic field, he reconsidered and launched his campaign for the 2020 Democratic nomination on 24th November 2019. 

Bloomberg Reportedly Spent $1 Billion On His Presidential Campaign 

During his run for the presidential seat, he spent $676 million of his personal assets on the primary campaign, which broke the record for the most money ever spent on a presidential primary campaign. 

His campaign covered the country with advertisements on broadcast, television, the Internet, radio, as well as direct mail. Michael was reported to spend $60 million solely on the Facebook advertising in the past 90 days and between $1 million to $1.5 million on Instagram by paying around 30 different meme accounts to launch satirical sponsored posts. 

Bloomberg reportedly spent around $1 billion in his president campaign in just 90 daysImage Source: PBS
Bloomberg reportedly spent around $1 billion in his presidential campaign in just 90 days

Image Source: PBS

When asked in an interview about why he was willing to spend so much money in the campaign, Bloomberg replied: 

"I'm making an investment in this country. My investment is I'm going to remove President Trump from 1600 Pennsylvania Avenue or at least try as hard as I can."

In total, Bloomberg spent $935,360,675.56 million for his short-lived Democratic presidential campaign, including $474 million last month alone. As per sources, he ended February with $60.6 million in the bank and $31.7 million in debts. 

He announced that he gave away $18 million in leftover campaign funds to the Democratic National Committee and circumventing campaign finance rule that would allow him to give around only $850,000 directly. 

How Rich Is The Co-founder of Bloomberg L.P.?

According to Celebrity Net Worth, Michael Bloomberg is estimated to own net worth of $60 billion, whereas Forbes estimated his fortune at around $53.1 billion as of March 2020. 

His multi-billion-dollar fortune comes from his successful career as a businessman, politician, philanthropist, and author. As per various sources, he is the 17th richest-person in the world and the 10th richest-person in the United States of America. 

He owns a 5-story townhouse in East 79th Street, NYC worth $3.5 million, which he purchased in 1986. The current value of the house is around $8 million.  

Bloomberg owns a 5-story townhouse in NYC, East 79th StreetImage Source: Business Insider
Bloomberg owns a 5-story townhouse in NYC, East 79th Street

Image Source: Business Insider

He expanded his property by purchasing five of the six units next door by expanding and creating a monster mega-property. His property is a block from Central Park and is worth at least $50 million today. 

He also owns a home in Bermuda Vail, London (worth $25 million), and Wellington, Florida (worth $8.9 million). 

Did You Know? He demolished the Bermuda home and spent around $10 million building a brand new mansion. 

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