- Michael Bloomberg is a billionaire that will be financing his own campaign to win the Democratic candidacy for the 2020 Presidential election.
- Historically, candidates that have funded their own campaigns have not gone on to have victories.
- Bloomberg joins fellow billionaire Tom Steyer in a race for the Democratic nomination.
NEW YORK – Michael Bloomberg for President? The self-made billionaire and former Mayor of New York City announced his presidential run last week.
Bloomberg will try to win over the Democratic party for a spot on the 2020 Presidential ballot very late in the game. Money will play a huge role in getting him up to speed. He has a net worth of $54 billion. The 77-year-old immediately began displaying the sheer enormity of his wealth by spending $37 million for a week’s worth of campaign ads that began airing on television that very same day.
Who Is Michael Bloomberg?
Michael Bloomberg is a Harvard graduate turned banker for Wall Street. In 1981, he was laid off from Salomon Brothers where he had become a partner. At the time of his departure, he had $10 million from the firm in equity. Bloomberg took that money and started his own company named after himself, to offer financial businesses various news and statistics through different outlets that were vital to their operations.
His company expanded and he soon had a hand in every type of media platform. In 2002, he became Mayor of New York and remained in that position for 12 years. But when it comes to his political affiliations, Bloomberg has been all over the map. At one point or another in his life, he has been a registered Republican, a registered Democrat, a registered Independent. He has never fully committed to one party and their views. This could hurt his chances with Democrats as he does not show a history of loyalty to one way of political thinking.
Months away from the Democratic election does not leave much time for Bloomberg to campaign and develop a rapport with his voters the way his fellow candidates have in the past year. However, his wealth will play a huge role in catapulting him into the race. His quick ad campaign has already proved that. Some fear that he has the ability to buy the election but that is merely a rumor due to his extreme wealth and how it plays a main role in his campaign. Money is no object to Bloomberg. His advisors were asked how much he was willing to spend on this new Presidential venture and the response was simple.
“Whatever it takes to defeat Donald Trump,” said Howard Wolfson, a Bloomberg advisor.
His odds (+900) of winning the Democratic candidacy jumped to fifth place with sportsbooks. Bloomberg is now on the radar of every bookmaker. He is currently in sixth place to win the presidency (+15000). At the time of the election, he will be 78 years old. His presidential term wouldn’t begin until he was close to 79. Only time will tell how his campaign will turn out, the one thing money cannot buy.