Bloomberg Reportedly Donates $80 Million to Democrats for Midterms

Michael Bloomberg is set to contribute $80 million to Democratic candidates in the upcoming midterm elections, according to a report from The New York Times. The former New York City mayor's late-stage financial push aims to bolster Democratic candidates in closely contested races.

Since September, Bloomberg has earmarked approximately $80 million for Democratic campaigns, with some of these contributions still in progress. Howard Wolfson, Bloomberg's political adviser, stated that none of the donations will be directed toward democratic socialist candidates. Wolfson emphasized Bloomberg's pragmatic and centrist approach, noting his concern about the Democratic Party's move towards the left, particularly regarding its stance on Israel.

"He is a pragmatist. He is a centrist," Wolfson said of Bloomberg. "I would be surprised if in the end he didn’t support someone who shared that orientation and was from that wing of the party." Wolfson added that Bloomberg has not yet decided on a potential 2028 presidential candidate.

Among the recipients of Bloomberg's donations is Pennsylvania Governor Josh Shapiro, a Democrat who has been mentioned as a potential contender for the 2028 presidential race. This significant influx of funds positions Bloomberg as one of the largest Democratic donors for this year's midterms. In contrast, Elon Musk, the world's wealthiest individual, has reportedly spent hundreds of millions supporting Republican candidates.

Wolfson commented that Bloomberg believes "resources matter in campaigns" and "expects a result," despite having spent $1 billion on his own unsuccessful presidential bid in 2020.

Bloomberg's financial support is particularly focused on House races, with the goal of securing a strong Democratic majority that could potentially elevate House Minority Leader Hakeem Jeffries of New York to the position of Speaker of the House. The total amount he plans to spend this fall is comparable to his contributions during the 2018 election cycle, when Democrats successfully gained control of the House.

At least $50 million of Bloomberg's donations are allocated to House races. This includes $24 million to Everytown for Gun Safety, an organization co-founded by Bloomberg, and $16 million to the House Majority PAC, an organization affiliated with Jeffries. A significant portion of his contributions is also intended to help Democratic candidates compete with the advertising efforts of their Republican opponents.

According to the report, Bloomberg plans to allocate an additional $10 million to competitive House races. Representatives for Bloomberg did not immediately respond to requests for comment.