Michael Bloomberg Plans Big Spend For Biden Campaign: Report

Famed business tycoon, politician, and notably former U.S. Presidential candidate Michael Bloomberg is planning a massive spending blitz to back U.S. presidential candidate Joe Biden, according to a report from CNBC. Bloomberg already endorsed Biden after suspending his own campaign in March despite a personally funded expense that amounted to about $1 billion. According to CNBC, Bloomberg could spend in excess of $250 million to support Joe Biden.

Biden's main rival, current U.S. president Donald Trump, is readying his own spend as Biden also does the same. Trump's campaign together with the Republican National Committee have already stocked on some $255 million for a campaign. Likewise, Biden's side together with the Democratic National Committee have stocked on some $103 million ready to be unleashed on a campaign. Bloomberg adding more funds to that amount would surely help Biden's side.

In the wake of a coronavirus pandemic that has made persons wary of live massive gatherings, it seems the 2020 election cycle will be based more on advertisements than live conventions. As such, this year's election could witness the biggest advertising budgets ever recorded in a U.S. election. According to a recent study from Advertising Analytics, campaigns in this year's U.S. election cycle could end up spending $6.7 billion on advertising alone.

Michael Bloomberg is no new player in the world of big campaign spending. A very wealthy businessman, with a net worth hovering at nearly $60 billion according to Forbes, Bloomberg has spent big on his previous campaigns for the office of the mayor of New York City. Bloomberg served as the mayor of New York from 2002 up until 2013.

In addition to spending on his own campaigns, Bloomberg has also historically doled out significant sums to back other political candidates.