Mike Bloomberg, billionaire, former New York City mayor and now Democratic presidential candidate. The business magnate and philanthropist is looking to add president to his list of occupations. And with a large wealth behind him, he has the means to do it.
But what is Bloomberg's net worth and how much has he spent on his presidential campaign?
Bloomberg cofounded Bloomberg LP in 1981 along with Thomas Secunda, Duncan MacMillan, Charles Zegar and a 30 percent stake by Merrill Lynch. The company is a privately held financial, software, data and media company. Bloomberg LP was hugely successful on the back of the Bloomberg Terminal.
The Bloomberg Terminal is a computer software system that delivers live coverage of markets and securities, allowing professionals to monitor and analyze real-time financial market data and place trades on the electronic trading platform.
With sales of the Bloomberg Terminal earning revenues of $10 billion and 88 percent company ownership, it was this source that enabled Bloomberg to rake in his fortune.
On Jan. 1, 2002, Bloomberg assumed office as the 108th mayor of New York City and ended on Dec. 31, 2013. As mayor, he was entitled to an annual salary of $225,000 and to take up residence at Gracie Mansion. Bloomberg declined both but accepted a remuneration of $1 annually in lieu of the mayoral salary.
After previous denials of his intention to run, Bloomberg officially declared his candidacy on Nov. 24, 2019, during a campaign event in Virginia. Since then, Bloomberg has thrown literally millions of his own money to further his bid for the White House.
According to Reuters, Bloomberg has spent $452 million on his campaign with a bulk of the money going toward the funding of his TV advertising. $126.5 million went on TV advertising in January, and another $45.5 million was spent on digital advertising. This brought the total of Bloomberg's ad campaign spend to $312 million.
Bloomberg is funding his presidential campaign through his own funds, and as the world's ninth-richest person with an estimated net worth of $61.9 billion, it doesn't look like he'll be running out of capital any time soon.