Billionaire former New York City Mayor Mike Bloomberg, at 82 years old, endorsed President Biden for re-election and donated $20 million to the incumbent’s campaign. The donation was split between the Future Forward USA PAC, also known as FF PAC, which received $19 million, and the Biden Victory Fund, which received $929,600. Bloomberg was awarded the Presidential Medal of Freedom by Biden in recognition of his contributions to finance, media, and philanthropy, as well as his efforts to address challenges such as gun violence and climate change.
Bloomberg, who made his fortune in financial technology and served as New York City mayor from 2002-2013, initially as a Republican and then as an independent, re-registered as a Democrat in 2018. Despite spending over $1 billion on an unsuccessful 2020 White House run, during which he competed against Biden in the Democratic primaries, Bloomberg remains one of the world’s wealthiest individuals with a reported net worth of $106 billion. His donation to the Biden re-election effort signals his continued support for the president and the Democratic Party.
During a White House ceremony where Bloomberg was awarded the Presidential Medal of Freedom by Biden, the president praised him for his transformative impact on various sectors of the economy and his dedication to solving complex challenges like climate change and gun violence. Bloomberg’s tenure as mayor of New York City following the September 11 attacks was also acknowledged by Biden, who described him as a beacon of resilience and a symbol of hope for the nation and the world. The former mayor’s contributions to society were highlighted as he received the nation’s highest civilian honor.
The timing of Bloomberg’s donations to the Biden campaign remains unspecified, but it is known that the Biden campaign, along with the Democratic National Committee, raised a combined $85 million in May for the 2024 presidential race. Bloomberg’s financial support adds to the substantial funding available for Biden’s re-election effort and underscores his commitment to helping the Democratic Party secure victory in future elections. With his vast financial resources and influential status, Bloomberg’s endorsement and financial contributions are expected to boost Biden’s campaign and further strengthen the party’s position in national politics moving forward.
