Democrat Presidential candidate Michael Bloomberg is definitely not ballin’ on a budget!
According to a report filed to the Federal Election Commission, Bloomberg spent US$463 million on campaign advertising in two months, spending a whopping US$45.5 million on online advertising alone just in January.
BUZZ puts this into context, comparing Bloomberg’s all-out efforts to secure the presidency of the United States with coffee shop giant Starbuck’s advertising spend for all of 2019, which came to US$245.7 million. In 2018, Starbucks spent close to US$15 million more on promoting its products and services. On a global scale, in 2018 the Starbucks brand was valued at US$32.42 billion.
Bloomberg is reported to be worth around US$65.2 billion. He entered the Democrat race for the presidential nomination late but is already gaining ground on the likes of Bernie Saunders, Joe Biden and Pete Buttigieg.
The billionaire has concentrated his advertising dollars on television, radio and online in an effort to get his name out there. It is all his own money and he has made it clear that he will not be using donations to fund his campaign.
His Democrat rivals have painted him as a billionaire able to buy his way to the presidency but Bloomberg counters that he is the only one capable of unseating President Trump and is willing to commit his resources in doing so.
Many political commentators and observers were not impressed with Bloomberg’s performance at his first televised debate earlier this week with him taking a lot of fire from Elizabeth Warren. He has been accused of implementing a “stop and frisk” policy which was unfair to minorities and belittling women, particularly in his businesses. More recently he is facing a firestorm for comments he made to PBS journalist Jeffery Brown in 2011. He reportedly said then: “There’s this enormous cohort of black and Latino males, age, let’s say 16 to 25, that don’t have jobs, don’t have any prospects, don’t know how to find jobs, don’t know what their skillsets are and don’t know how to behave in the workplace where they have to work collaboratively and collectively.”