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Super Tuesday debacle: Mike Bloomberg’s $ 500 million bankruptcy

Mike Bloomberg’s $ 500 million bankruptcy

He could not buy the nomination as a presidential candidate: Mike Bloomberg leaves the race of the Democrats – but his money will continue to play a central role.

Fabian Reinbold, Los Angeles / t-online

That was arguably the worst investment by businessman Michael Bloomberg: in just three months he spent $ 500 million on his wealth to triumph in the democratic primaries on “Super Tuesday” – and the result was a single measly victory: in the US outside America -Samoa. Then on Wednesday he took the consequences: Bloomberg is out of the race.

In almost every state, the multi-billionaire disappointed, who wanted to use the power of money to override the rules of the US primaries. Three months, $ 500 million – and not a single win that counts.

A lot of malicious joy is now falling over the 78-year-old media mogul. He simply wanted to buy the nomination for the terms of many Democrats. Bloomberg placed more advertising than the entire competition, he paid better wages, there were cuts in his campaign appearances.

$ 220 per voter time

But in addition to the Bloomberg advertising character, there was also the real candidate – who was unelectable for parts of the electorate because of racism and sexism allegations and who did not confidently parry attacks in the two TV debates in which he appeared in February.

In Minnesota alone, Bloomberg spent $ 13 million on advertising – and got a share of just 8.3 percent with 62,000 votes. That makes $ 220 per vote.

The former mayor of New York had pursued an unconventional strategy: he abandoned the early preselection states and wanted to overtake the competition on “Super Tuesday” in one fell swoop. He bet on the southern states and on convincing the black voters there, primarily by arguing that he had the financial means to beat Donald Trump. But that didn’t work.

Bloomberg’s money remains in the running

And yet Bloomberg’s money and parts of Bloomberg’s strategy will remain in the running. The media mogul, whose fortune is estimated at over $ 60 billion, had previously announced that he would also support other Democrats if they secured the party’s nomination.

It became concrete on Wednesday. He announced that Joe Biden had the best chance of defeating Trump, so he would now support him. And when Bloomberg speaks of support, he means it primarily in the financial sense.

Can Biden be happy about a few million Bloomberg soon? Image: AP

Bloomberg’s people work for Biden?

Biden immediately showed openly for it. He tweeted that the election was about beating Donald Trump. “And with your help we can do it.” For Biden, who now starts a toxic duel with Bernie Sanders , Bloomberg’s help would be a tremendous benefit.

The latter had given his army of campaigners contracts – even unlike the competition – until the election day in November. It is conceivable that he will now let some of them work for Biden.

Bloomberg had gathered seasoned professionals who set standards, especially in the Internet election campaign: While the television spots left Bloomberg positive, the clips on Facebook showed violent attacks against Donald Trump. Bloomberg showed a willingness to do so to the shamelessness that set him apart from the competition ,

This is important because only Bloomberg could keep up with Trump when using campaign advertising on Facebook and Co. The president’s campaign team is at the forefront, while Biden’s team in particular lacks know-how and resources. So it is quite possible that even after Bloomberg’s exit, his millions will play a central role in the US election campaign.

Sources used:

This was Trump’s first appearance as president

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