Mike Bloomberg spent nearly $1B of his own money on failed presidential bid

Former New York City Mayor Mike Bloomberg spent nearly $1 billion of his personal fortune on his 2020 presidential campaign, which lasted less than five months and ended without him winning any major primary contests in the Democratic primary season.

A Federal Election Commission (FEC) filing revealed on Friday that the billionaire contributed $935,360,675.56 to his campaign during the 2020 election cycle.

Before ending his campaign in March, Bloomberg faced a wave of accusations that he was trying to "buy" his way to the Democratic nomination. He announced in November 2019, months after the majority of candidates had already started participating in official debates.

The former mayor, whose net worth is estimated to exceed $60 billion, flooded the airwaves with $550 million in advertisements. That included $224 million for Super Tuesday states. He first appeared on the ballot then after missing the first four contests in Iowa, New Hampshire, Nevada, and South Carolina.

BLOOMBERG GIVING DEMOCRATIC PARTY MASSIVE INVESTMENT FOR 2020 ELECTION

Out of the 1,000 delegates up for grabs, Bloomberg only took dozens and failed to pick up wins in any major states. Instead, he only won the American Samoa caucuses.

Bloomberg has pledged to donate to assist whoever the Democratic nominee is and recently announced plans to transfer $18 million from his presidential campaign to the Democratic National Committee (DNC) in the largest single such transfer ever.

Bloomberg’s contribution amounts to more than the national party’s typical cash balance. The transfer will help the DNC make up for some of the steep fundraising disadvantages when compared with its Republican counterpart, which routinely has raised tens of millions more than the Democratic organization throughout election cycles.

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The Bloomberg campaign, which hired a staff of 2,400 people across 43 states, will also transfer its offices in six pivotal states to the Democratic parties in those states, to help accelerate their hiring and organizing. Those states are Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin.

Former Bloomberg campaign staffers in those offices will continue to be paid by his campaign through the first week in April and have full benefits through the end of April.

The Associated Press contributed to this report.