Former New York mayor, billionaire entrepreneur, and media magnate Michael Bloomberg has shown his support for President Biden in the upcoming 2024 election rematch against former President Trump by contributing nearly $20 million. Bloomberg made a significant donation of $19 million to the Future Forward PAC, a leading super PAC that backs Biden’s bid for a second term in the White House. Additionally, he also provided the maximum donation of $929,600 to the Biden Victory Fund, a fundraising committee that supports the president’s re-election campaign and various Democratic Party committees.
Bloomberg, who briefly ran against Biden in the 2020 Democratic presidential nomination but later dropped out, expressed his support for the president by stating, “I stood with Joe Biden in 2020, and I am proud to do so again.” Despite his unsuccessful presidential bid in 2020, Bloomberg remains committed to supporting Biden’s re-election efforts.
In 2020, Bloomberg invested a staggering $1 billion of his own money in his presidential nomination bid before withdrawing from the race. Following his exit, he transferred around $18 million to the Democratic Party and announced a $100 million independent ad campaign to boost Biden’s White House bid. With a net worth of approximately $106 billion, Bloomberg stands as the 15th wealthiest person globally, according to Forbes Magazine.
As news of Bloomberg’s contributions spread, reports emerged of conservative billionaire donor Timothy Mellon contributing a remarkable $50 million to a super PAC supporting Trump’s presidential campaign. Mellon’s donation to Make America Great Again (MAGA) Inc. followed Trump’s conviction on 34 felony counts in a historic criminal trial involving a former or current president.
MAGA Inc. reported raising over $68 million in fundraising last month, with the majority coming from Mellon and an additional $10 million from conservative mega donors Dick and Liz Uihlein. The super PAC announced plans to reserve $100 million in ad placements to run in support of Trump throughout the summer. Mellon’s recent contribution adds to his previous $25 million donation to MAGA Inc. earlier in the election cycle, along with a similar amount contributed to American Values, the primary super PAC supporting Democrat turned independent Robert F. Kennedy Jr.’s presidential campaign.
The significant financial contributions from both Bloomberg and Mellon highlight the intense competition and substantial resources involved in the 2024 presidential election. As the campaigns ramp up, candidates and their supporters are leveraging their wealth and influence to secure victory in what is expected to be a closely contested race for the White House.