Race for Congress gains another billionaire: Michael Bloomberg pours $80 Million into Democratic efforts
With this contribution, the businessman and former Republican mayor of New York City has become one of the top five individual donors to Democrats in this midterm election.
Michael Bloomberg spent $80 million in September and October to help Democrats regain control of the House of Representatives. According to The New York Times, the businessman and former Republican mayor of New York City became one of the five largest individual donors to the Democrats in these midterm elections.
Bloomberg's contribution comes at a time when Republicans hold a financial advantage. According to data from AdImpact, the Republican groups and their allies had reserved some $888 million for advertising as of Nov. 3, compared to $666 million for the Democrats — a difference of $221 million.
Added to that advantage is the support of major donors such as Elon Musk, who has allocated more than $276 million to Republican groups since July.
Regarding the destinations of Bloomberg's donations, the NYT specified that at least $50 million of the funds are earmarked for House of Representatives elections.
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Among the major contributions are $24 million for Everytown for Gun Safety, an organization that advocates for gun control measures, and $16 million for House Majority PAC, a political action committee aligned with the Democratic leadership in the House. Bloomberg also allocated funds to Democratic Senate and gubernatorial candidates, among other groups and campaigns.
The businessman also contributed $2.5 million to a super PAC supporting Democrat James Talarico, a Senate candidate from Texas, who hopes to defeat Republican Ken Paxton in the November election.
Howard Wolfson, Bloomberg's political advisor, told the aforementioned media outlet that the former mayor "believes that resources are important in campaigns," which is why he decided to increase his contributions in the final stretch of the campaign.
According to records from the Federal Election Commission (FEC), as of the time of the Times' report, Bloomberg had donated $23 million to Democrats and allied groups.
Among those contributions were $11 million for a super PAC supporting Micah Lasher, a candidate for the U.S. House of Representatives from New York's 12th District, and $2.5 million for the reelection campaign of Pennsylvania Governor Josh Shapiro.
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