- Michael Bloomberg has spent massive portions of his approximately $55 billion net worth on influential groups surrounding the Democratic party, the Washington Post reports.
- Some of the key beneficiaries of the millions the 2020 hopeful has spent through his lifetime are the same groups that are heavily involved in deciding the Democratic presidential nominee.
- Bloomberg reportedly hasn’t been shy about referring to his vast financial resources in pushing for voter support, even shrugging off comparisons to President Donald Trump, a fellow New York business magnate whose net worth is valued at a fraction of Bloomberg’s.
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Michael Bloomberg has reportedly dropped more than $8 billion total on philanthropy throughout his life, and hundreds of millions more on key influence points around the Democratic Party.
The Washington Post reports that the billionaire and former New York City mayor has spent massive chunks of his approximately $55 billion net worth on groups that shape Democratic politics, even long before he entered the race for president and gave more than $600,000 to the party in recent weeks.
The Post notes that Bloomberg’s status as a top donor to interest groups like Sierra Club, Planned Parenthood and the League of Conservation Voters, in addition to his massive donations to other political committees and key lawmakers, underscore his deep-rooted connections to those who decide the Democratic nomination he has entered the running for.
In just 2017 and 2018, the Post reported that Bloomberg’s family foundation spent more than $900 million on causes like environmental groups and Planned Parenthood.
Bloomberg also targeted donations to counter-act groups that are popular among conservatives, including the National Rifle Association. The Everytown for Gun Safety Support Fund and Action Fund drew about $63 million in 2017, with Bloomberg as the largest donor of an undisclosed amount, according to the Post.
Bloomberg’s spending has already made headlines in the race to 2020, as he dropped $30 million in November on a series of 60-second ads that will run next week in at least 29 states, according to The New York Times.
The massive funds stand in stark contrast to the first ad for his campaign, which was released when he announced his run on November 24. In it, Bloomberg is painted as a champion of working Americans and the middle class, emphasizing how different he is from Trump, a fellow New York business magnate.
The Post reported that Bloomberg has taken to addressing the outward similarities between he and Trump and not being shy to reference his wealth.
“I realize some people will say, ‘Do we really want a general election between two New York billionaires?’ To which I say, ‘Who’s the other one?” Bloomberg joked an address to members of the Texas Democratic Party, according to the Post. “If ever there was someone who is all hat and no cattle, it is Donald Trump.”
Bloomberg’s top advisor Howard Wolfson told The Times in November that the presidential contender is “is prepared to spend what it takes to defeat Donald Trump.”