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

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.