Billionaire Michael Bloomberg has spent over $120 million on his campaign for the Democratic Party’s presidential nomination in 2020, far outpacing any of his rivals, as The Hill reports.
The spending has been mostly concentrated on digital and television advertisements in states that will be voting on Super Tuesday, March 3rd. Next year’s Super Tuesday is set to be one of the largest in modern history, featuring 14 states, including the two largest states in the country: Texas and California.
Bloomberg, with a net worth of $58 billion and ranked among the top ten wealthiest men in the world, is largely self-funding his own campaign, like his fellow billionaire in the race, Tom Steyer from California. Steyer has spent the second-highest amount on his campaign, with $83 million to date. But as The Hill notes, Steyer’s ad spending is focused almost entirely on the first four states in the primary season: Iowa, New Hampshire, South Carolina, and Nevada.
The next-highest amount spent by any candidate is South Bend Mayor Pete Buttigieg (D-Ind.), at $19 million.
Both Bloomberg and Steyer, along with former Massachusetts Governor Deval Patrick, chose to enter the race at unusually late dates, and after they had first ruled out such bids earlier in the year; Bloomberg joined in late November after originally declaring in early March that he would not run, and Steyer entered in early July after first saying in January that he would stay out.
The massive spending by both billionaires has had varying levels of success for both of them: While Steyer has been lagging significantly in most national and statewide polls, he has managed to qualify for the last three primary debates, including the most recent debate that featured only seven candidates onstage. While Bloomberg, by contrast, has not yet appeared on a debate stage, he has managed to rise to fifth place in most national polling, behind former Vice President Joe Biden, Senator Bernie Sanders (D-Vt.), Senator Elizabeth Warren (D-Mass.), and Buttigieg.
The next debate will be on January 14th, and the primaries are set to officially kick off on February 3rd with the Iowa caucuses.