Ex-Mayor Mike Bloomberg donates $20M to Biden's reelection campaign, Internet says 'he loves losing money'

Former NYC Mayor and billionaire entrepreneur Mike Bloomberg sparked controversy by donating $20 million to support Joe Biden's reelection campaign
PUBLISHED JUN 21, 2024
Former New York City Mayor and billionaire Mike Bloomberg has donated $20 million to President Joe Biden's reelection campaign (Getty Images)
Former New York City Mayor and billionaire Mike Bloomberg has donated $20 million to President Joe Biden's reelection campaign (Getty Images)

WASHINGTON, DC: Former New York City Mayor and billionaire entrepreneur Mike Bloomberg has made significant contributions totaling nearly $20 million to support President Joe Biden's reelection campaign, according to sources familiar with the donations.

Bloomberg's contributions include a substantial $19 million donation to FF PAC, an independent political action committee known as Future Forward, which actively supports Biden's candidacy. Additionally, Bloomberg maxed out with a personal donation of $929,600 to the Biden Victory Fund, a coalition of Biden's campaign and Democratic Party committees.

In response to inquiries about his donations, Bloomberg endorsed Biden's reelection bid in a statement to The Washington Post, affirming his continued support for the President. "I stood with Joe Biden in 2020, and I am proud to do so again," he told the outlet.

Interestingly, the donation comes less than two months after Biden awarded the billionaire with the highest civilian honor - the Presidential Medal of Freedom.

Bloomberg's influence

At 82 years old, Bloomberg ranks as the 15th wealthiest person globally, with assets totaling approximately $106 billion, largely stemming from his financial services company, Bloomberg LP, as reported by Forbes magazine.

During his bid for the Democratic presidential nomination in 2020, Bloomberg invested approximately $1 billion, including an $18 million transfer to the Democratic Party to aid Biden's campaign after withdrawing from the race.

He subsequently committed an additional $100 million to an independent advertising campaign supporting Biden in Florida during the general election against former President Donald Trump.



 

Chauncey McLean, President of FF PAC, expressed gratitude for Bloomberg's backing, highlighting its pivotal role in promoting Biden's agenda. “Michael Bloomberg was a strong supporter of President Biden in 2020 and, now, again in 2024, and we are very grateful for his support,” McLean remarked in a statement Thursday.

“Voters respond when they hear the story about President Biden looking out for them while Donald Trump just looks out for himself. Because of Michael Bloomberg’s support, we’ll be more successful in making sure people understand the choice in this election," he added.

FF PAC plans to deploy a significant $250 million advertising campaign, slated to begin following the Democratic National Convention in Chicago in August. This effort aims to bolster Biden's image and communicate his administration's achievements to voters nationwide.

Earlier in May, President Biden lauded Bloomberg's contributions to societal challenges during a ceremony at the White House where he awarded Bloomberg the Presidential Medal of Freedom.

Biden praised Bloomberg's advocacy on a range of issues. “He’s changed us. He’s challenged us, as well, to solve the toughest challenges from gun violence to climate change,” the President said. “Michael, thank you, Mr Mayor. Thank you for a career of service.”



 

Bloomberg sparks backlash on social media

Bloomberg's $20 million donation to the Biden camp stirred quite a pushback on social media.

"Mini Mike loves losing money," one posted on X.

"Remember when this guy pretended to be a Republican? Good times," another wrote.

"So happy the elites aren't banking the Joe Biden campaign," a comment read.

"The same people complaining about billionaires aren't so critical about taking their money tho," someone else pointed out.

"We need campaign finance reform as much as we need term limits," another insisted.



 



 



 



 



 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.

MORE STORIES

Robert De Niro said Trump 'is not going to leave the White House' and urges Americans to 'strap on their balls and do something about it'
13 hours ago
The new aircraft is to be used to replace an older plane flown by Kristi Noem
18 hours ago
On Tuesday, Senate Democrats blocked the GOP's eighth attempt to reopen the government
4 days ago
California already allows trans athletes to compete in school sports based on their gender identity
4 days ago
Pete Hegseth says 'Pentagon access is a privilege, not a right' as top outlets reject new media restrictions and risk losing credentials
5 days ago
Donald Trump said a very wealthy donor offered to personally cover troop pay if government shutdown funds fall short
5 days ago
The six people are from Argentina, Brazil, Germany, Mexico, Paraguay, and South Africa
5 days ago
President Donald Trump blamed Senate Majority Leader Chuck Schumer for the shutdown and confirmed ending several Democrat-backed federal programs
7 days ago
Donald Trump criticized Chuck Schumer over the shutdown and said he directed Pete Hegseth to use funds to ensure troops are paid on October 15
Oct 12, 2025
Several progressives who have long called for a ceasefire between Israel and Hamas have not yet commented on the agreement’s terms or timeline
Oct 10, 2025