Michael Bloomberg Drops Out Of Primary After Spending $528 Million

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"Democratic

Bloomberg’s self-funded campaign is the most expensive in U.S. history.

Photo by Joe Raedle/Getty Images

Topline: In the wake of spending nearly half a billion dollars and a disappointing Super Tuesday, former New York mayor and presidential hopeful Michael Bloomberg dropped out of the Democratic primary Wednesday after sinking a small part of his $58.4 billion fortune into his own campaign.

  • Bloomberg made his concession announcement on Wednesday morning.&nbsp;
  • Bloomberg had his sights set on Super Tuesday, his first voting contest in the race since he jumped in too late to compete in early voting states, but he failed to win any key states and walked away with just 12 delegates.
  • The billionaire did take home a surprise victory far from home, in American Samoa.&nbsp;
  • The announcement follows Tuesday night reports that he planned to “reassess” his bid on Wednesday and decide whether to follow Pete Buttigieg and Amy Klobuchar in dropping out and rallying around Biden.&nbsp;
  • “Three months ago, I entered the race for President to defeat Donald Trump,” Bloomberg said in a statement. “Today, I am leaving the race for the same reason: to defeat Donald Trump–because it is clear to me that staying in would make achieving that goal more difficult.”
  • Bloomberg also made an endorsement: his “friend and great American” Joe Biden, who surged in last night’s primaries.

Key background: Despite dropping over $60 million on Facebook advertising in the past 90 days in a bid to pick up delegates, Bloomberg trailed behind rivals in every Super Tuesday primary but one— American Samoa, where he only spent $1,651 on Facebook ads. Besides his Facebook ad spending (and seemingly ubiquitous television spots), Bloomberg launched a political ad campaign on Instagram in February, employing around 30 different meme accounts to launch satirical sponsored posts. According to experts who spoke with Forbes, that campaign only cost him between $1 million and $1.5 million. Bloomberg has promised to shell out $1 billion to defeat Trump in November—still a relative pittance for Bloomberg, whose net worth Forbes estimates at $62 billion. &nbsp;Bloomberg faced opposition from progressives throughout his campaign, from “oligarch” being spray painted on his campaign offices to concerns about his time as a Republican mayor of New York, when he pursued (and defended) stop-and-frisk police policies that he would later apologize for.&nbsp;

Big number: $528 million. That’s how much in total Bloomberg spent on his own campaign advertising since his late start to the presidential race in November. According to NPR, Bloomberg’s self-funded run is the most expensive in history.

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Democratic Presidential Candidate Mike Bloomberg Campaigns Ahead Of Super Tuesday

Bloomberg’s self-funded campaign is the most expensive in U.S. history.

Photo by Joe Raedle/Getty Images

Topline: In the wake of spending nearly half a billion dollars and a disappointing Super Tuesday, former New York mayor and presidential hopeful Michael Bloomberg dropped out of the Democratic primary Wednesday after sinking a small part of his $58.4 billion fortune into his own campaign.

  • Bloomberg made his concession announcement on Wednesday morning. 
  • Bloomberg had his sights set on Super Tuesday, his first voting contest in the race since he jumped in too late to compete in early voting states, but he failed to win any key states and walked away with just 12 delegates.
  • The billionaire did take home a surprise victory far from home, in American Samoa. 
  • The announcement follows Tuesday night reports that he planned to “reassess” his bid on Wednesday and decide whether to follow Pete Buttigieg and Amy Klobuchar in dropping out and rallying around Biden. 
  • “Three months ago, I entered the race for President to defeat Donald Trump,” Bloomberg said in a statement. “Today, I am leaving the race for the same reason: to defeat Donald Trump–because it is clear to me that staying in would make achieving that goal more difficult.”
  • Bloomberg also made an endorsement: his “friend and great American” Joe Biden, who surged in last night’s primaries.

Key background: Despite dropping over $60 million on Facebook advertising in the past 90 days in a bid to pick up delegates, Bloomberg trailed behind rivals in every Super Tuesday primary but one— American Samoa, where he only spent $1,651 on Facebook ads. Besides his Facebook ad spending (and seemingly ubiquitous television spots), Bloomberg launched a political ad campaign on Instagram in February, employing around 30 different meme accounts to launch satirical sponsored posts. According to experts who spoke with Forbes, that campaign only cost him between $1 million and $1.5 million. Bloomberg has promised to shell out $1 billion to defeat Trump in November—still a relative pittance for Bloomberg, whose net worth Forbes estimates at $62 billion.  Bloomberg faced opposition from progressives throughout his campaign, from “oligarch” being spray painted on his campaign offices to concerns about his time as a Republican mayor of New York, when he pursued (and defended) stop-and-frisk police policies that he would later apologize for

Big number: $528 million. That’s how much in total Bloomberg spent on his own campaign advertising since his late start to the presidential race in November. According to NPR, Bloomberg’s self-funded run is the most expensive in history.

Continue reading at Forbes