Michael Bloomberg’s first campaign finance filing of his high-cost Democratic presidential bid shows a glimpse into how he has spent great gobs of his vast $60 billion personal fortune while seeking the White House.
From his November campaign launch through the end of December, Bloomberg, 77, gave more than $200 million and raised no money from individual campaign contributions, according to a Federal Election Commission filing on Friday. His campaign spent more than $188 million in that time and had $12 million in cash on hand at the end of December.
The Bloomberg campaign said it has an additional $33 million worth of invoices from last year that will be paid in the next filing period, bringing the total spending during that time to about $221 million.
The campaign reported spending more than $600,000 on private jet travel and a payment of $14 million Bloomberg LP, the financial services company that Bloomberg founded, which the New York Times said “was intended to cover expenses the company was likely to incur as a result of Mr. Bloomberg’s campaign, including compensation for Bloomberg LP employees who have recently joined his political operation.”
Some of Bloomberg’s staff include individuals who left news and editorial positions at Bloomberg News, which is owned by Bloomberg LP. The publication has said it will not investigate Bloomberg or any other Democratic presidential candidates but will report on normal daily campaign activities and policy positions.
“We are thrilled that voters could soon have the chance to see Mike Bloomberg on the debate stage, hear his vision for the country, and see why he is the strongest candidate to defeat Donald Trump and bring our country together,” Bloomberg campaign manager Kevin Sheekey said in a statement Friday. “Mike has run for office three times and never taken a dime from special interests, allowing him to act independently, on the merits, without having to do what donors expect. He is proud to be doing the same with this campaign.”
Data on ad spending suggests that Bloomberg has given his campaign millions more in the month of January. According to ad-tracking firm Advertising Analytics, his campaign has placed nearly $300 million in television and digital ads, including an $11 million ad set to air during the Super Bowl on Sunday.
Due in part to his late entry into the race, Bloomberg skipped competing in the first four early nominating states of Iowa, New Hampshire, Nevada, and South Carolina, instead concentrating on a high-cost campaign that focuses on winning delegates who vote in March 3 Super Tuesday states and beyond.
Bloomberg has also increased his campaign staff to more than 1,000 people and is paying top dollar for low-level field organizers: $6,000 per month, compared to the $3,500 per month that former South Bend, Indiana, Mayor Pete Buttigieg and Sens. Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts pay campaign staff members at the same level.
The campaign also sold $245,569 of campaign merchandise at cost, which does not count as a campaign contribution.
Because he is self-funding his campaign, Bloomberg has not qualified to participate in the Democratic presidential primary debates, which required a minimum threshold of individual donors. But the DNC lifted its donor requirement for the Feb. 17 debate in Nevada, making way for Bloomberg to qualify if he secures the required numbers in polls.
