Billionaire Michael Bloomberg intends to spend at least $500 million of his own money in an effort to make sure President Donald Trump is not re-elected, Politico is reporting.
Bloomberg, the former mayor of New York City, has not announced whether he will seek the presidency himself. However, the money will be spent in a bid to stop Trump, whether Bloomberg is a candidate or not, according to the website.
If Bloomberg does enter the race, he will use the money to help finance his campaign through the primary season. If he decides against making a bid, the money will be used to fund a data-heavy campaign for the eventual Democratic nominee.
The $500 million is about $175 million more than was spent by the Trump campaign over the course of the 2016 election cycle. It is 1 percent of Bloomberg’s estimated net worth, Politico noted.
“Mike spent $100 million in his last New York City election.,” said Kevin Sheekey, a top adviser to Bloomberg. “And you can do the math as you think more broadly but New York City is 3 percent of the national population. I’m not suggesting it is straight math. But I’m suggesting that when Mike Bloomberg is committed to making a difference and seeing something though, generally speaking he’s pretty unabashed in doing so.”
Bloomberg is expected to make a decision on a possible presidential bid in about three weeks. But just days ago he blasted Trump’s campaign against illegal immigration calling it “xenophobic” and “un-American.”