Former New York City mayor Michael Bloomberg is forming a group to support the Democratic nominee against President Trump in the 2020 election, the Washington Post reported Thursday.
The group’s name is still being trademarked, and it will eventually absorb hundreds of Bloomberg campaign staff. Bloomberg, who is worth over $50 billion and who spent an unprecedented amount of his own funds on advertising for his failed presidential campaign, will be able to channel those funds toward the Democrats’ final candidate through what the Federal Elections Commission categorizes as an independent expenditure. The group will also be able to directly target President Trump in television and social media advertising.
However, the group is facing the problem of what to do if Senator Bernie Sanders (I., Vt.) wins the nomination. Sanders advisers have indicated they prefer Bloomberg does not help him in the race, and Bloomberg has already endorsed former vice president Joe Biden.
“I’ve always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it,” Bloomberg said on Wednesday announcing his exit from the race. “After yesterday’s vote, it is clear that candidate is my friend and a great American, Joe Biden.” Biden has since welcomed Bloomberg’s endorsement.
Bloomberg had spent $500 million on his presidential campaign, dwarfing the expenditure of his rivals. However, after skipping the four early state primaries, the former mayor gained just 27 delegates in Super Tuesday primaries.
Meanwhile, Biden swept southern states on Super Tuesday and shot to the front of the Democratic field. Going into the Michigan Primary on March 10, Biden has 565 delegates to Sanders’s 506.