It was a billion-dollar flop.
Michael R. Bloomberg spent more than $900 million on his failed bid for the White House by the end of February, a spectacular sum and the most ever for a self-funding politician in American history. But it was not enough to help the billionaire candidate win a single state before he dropped out of the 2020 Democratic presidential primary in early March.
Mr. Bloomberg had spent heavily since his late and unorthodox entry into the race in November 2019. He set out to skip the first four primary states in February — Iowa, New Hampshire, Nevada and South Carolina — and instead use his personal fortune to compete starting with the Super Tuesday contests on March 3 when more than a dozen states and 1,357 delegates were up for grabs.
Mr. Bloomberg dramatically increased the pace of his spending in February: He spent $466 million in only 29 days, and accrued $31 million in bills he has yet to pay.
That adds up to approximately $17 million per day — the entire budget of some presidential candidates.
The developments left Mr. Bloomberg with little support on Super Tuesday. His lone victory was in the faraway territory of American Samoa. He secured only 64 delegates — at a cost of more than $14 million a piece, a price-tag that is sure to rise because the new filing does not cover the first days of March.
The lavish spending came to a crashing halt after Mr. Bloomberg exited the race. Mr. Bloomberg had attracted aides with outsize salaries, perks that included Manhattan apartments for some in his headquarters and the promise of a steady job — whether he won the nomination or not — trying to defeat President Trump through November.
But plans for an independent super PAC have since been scrapped and former Bloomberg campaign officials said Friday they were transferring $18 million in leftover campaign funds to the Democratic National Committee instead. Campaign aides could reapply for jobs — at reduced salaries.
Money well spent
Remember when he was supposed to keep this massive operation going until November for the sole purpose of beating Trump?