Bloomberg Boosts Biden's 2024 Re-election Bid with Massive Donations

Billionaire Michael Bloomberg has contributed almost $20 million to support President Biden's re-election campaign, signaling a strong endorsement of the incumbent heading into the 2024 rematch with former President Trump.

Former New York mayor, billionaire entrepreneur, and media magnate Michael Bloomberg has made significant contributions to President Biden's 2024 re-election campaign, reflecting his confidence in the incumbent's bid for a second term.

Bloomberg, a one-time Republican turned independent turned Democrat, wrote a colossal $19 million check to the Future Forward PAC (FF PAC), the leading super PAC supporting Biden's re-election. Additionally, he donated the maximum allowable amount of $929,600 to the Biden Victory Fund, benefiting the president's re-election campaign and various Democratic Party committees.

Bloomberg Boosts Biden's 2024 Re-election Bid with Massive Donations

"I stood with Joe Biden in 2020, and I am proud to do so again," Bloomberg stated in a statement to the Washington Post.

Bloomberg's contributions come as President Biden faces a challenging re-election battle against former President Trump, who is presumed to be the Republican nominee. The May fundraising period saw Biden and the Democratic National Committee raise a combined $85 million, while Trump and the Republican National Committee surpassed them with a $141 million haul.

Bloomberg Boosts Biden's 2024 Re-election Bid with Massive Donations

Despite the substantial fundraising gap, the Biden campaign has highlighted its strong cash-on-hand position, boasting $212 million as of the end of May.

Bloomberg's endorsement of Biden is significant, given his deep involvement in politics and vast financial resources. In the 2020 Democratic presidential nomination race, Bloomberg spent $1 billion of his own money on his campaign.

Bloomberg Boosts Biden's 2024 Re-election Bid with Massive Donations

Additionally, Bloomberg contributed roughly $18 million to the Democratic Party after dropping out of the presidential race and independently announced $100 million for advertising to support Biden's bid for the White House.

Bloomberg's latest donations coincide with news that conservative billionaire donor Timothy Mellon gave a staggering $50 million to Make America Great Again (MAGA) Inc., the leading super PAC supporting Trump's presidential campaign.

Bloomberg Boosts Biden's 2024 Re-election Bid with Massive Donations

The news of these substantial donations highlights the intensity of the 2024 presidential race, with both parties seeking to amass significant funding to support their candidates. Fundraising is a crucial metric used to measure campaign strength and finance essential operations, such as grassroots outreach, voter mobilization, staffing, travel, and advertising.

As the election approaches, candidates will continue to vie for financial support and strategic endorsements, as these factors can significantly impact the outcome of the race.