Former New York City Mayor Michael Bloomberg is reportedly so committed to keeping President Trump from being re-elected that he is willing to drop $2 billion of his own money to keep it from happening.
Wall Street sources speaking to the billionaire businessman’s campaign reveal that he is ready to spend the money to either further his own 2020 presidential bid or help finance whoever the Democratic nominee will be, according to a new report by Fox Business’ Lydia Moynihan and Charles Gasparino.
(Video: Fox Business)
The Democrat presidential candidate has already reportedly spent about $200 million on his campaign since he entered the race in November.
“No one can approach what Mike is spending or will spend,” Alan Patricof, head of venture capital firm Greycroft Partners, told Fox Business. “He has a huge war chest.”
Although the $2 billion figure has not officially been reported, Bloomberg told The New York Times last week that he could spend $1 billion in his efforts against Trump, as Gasparino told Fox Business host Neil Cavuto.
“The number has gone up dramatically,” the senior correspondent for Fox Business said on “Cavuto: Coast to Coast” Sunday, adding that the New York Democrat is so committed to defeating Trump that he will spend his money on whoever ends up running against the president, regardless of the nominee’s policy agenda.
Gasparino found it hard to believe that the three term mayor of New York City who had a long career on Wall Street would willingly write a billion-dollar check to support Vermont Sen. Bernie Sanders or Massachusetts Sen. Elizabeth Warren, who has long railed against big banks and corporations.
Bloomberg, who is worth $53 billion, has been a vocal critic of the president who recently bestowed the nickname of “mini Mike” to the liberal billionaire as he slammed him in a tweet over his 2020 campaign ads, which he called out as a “vanity project.”
Mini Mike Bloomberg ads are purposely wrong – A vanity project for him to get into the game. Nobody in many years has done for the USA what I have done for the USA, including the greatest economy in history, rebuilding our military, biggest ever tax & regulation cuts, & 2nd A!
— Donald J. Trump (@realDonaldTrump) January 17, 2020
Bloomberg fired back, calling Trump the “expert on vanity projects.”
Well, you ARE the expert on vanity projects, but here’s what you’ve done for the USA:
– A big tax cut for people who didn’t need it
– A complete surrender to the gun lobby
– A total rollback of environmental protections
– A broken promise to protect pre-existing conditions https://t.co/pSPHCoR9wa pic.twitter.com/1Hfsvl6sQK
— Mike Bloomberg (@MikeBloomberg) January 17, 2020
According to the Fox Business report:
One thing is certain: Bloomberg’s wealth has added a unique dimension to the 2020 presidential showdown. While Trump touts his own net worth at $10 billion, most private estimates cite his holdings at around $3 billion to $4 billion. There are also questions over whether Trump is “liquid” since it is believed that his wealth is tied up in real estate, golf courses and other assets such as his Mar-a-Lago country club, which may be why he is loath to spend much of his own money on his campaign.
Bloomberg’s vow to support whoever the Democratic nominee ends up being has led to a virtual hands-off approach by his 2020 Democratic rivals, according to Fox Business.
Former vice president Joe Biden’s presidential campaign has “an unofficial non-aggression pact with the Bloomberg campaign because of the benefits of having a multibillionaire in the race as a Democrat who is spending the vast majority of his money on attack ads against Trump and some get-out-the-vote efforts,” the report stated.
Meanwhile, campaign records show that Trump has raised almost twice as much as any of the top Democrats with $185 million.
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