Michael Bloomberg Gives Harris $50 Million, Report Says

 

Democratic presidential nominee, U.S. Vice President Kamala Harris, U.S. President Joe Biden, former NYC Mayor Michael Bloomberg and former U.S. President Donald Trump attend the annual 9/11 Commemoration Ceremony at the National 9/11 Memorial and Museum on September 11, 2024 in New York City.

Billionaire Michael Bloomberg recently donated $50 million to fund Vice President Kamala Harris’ campaign—a continuation of his tendency to donate large sums late in the election cycle, following some hesitancy to give his full-fledged support to Harris, despite his disdain for Donald Trump.

Key Facts

The former New York City mayor gave $50 million to Future Forward USA Action, the so-called dark money arm of the pro-Harris Future Forward super PAC that, as a nonprofit, is not required to report its donors, The New York Times reported Monday, citing four unnamed sources with knowledge of the donation.

Prior to the nonprofit donation, Bloomberg had given $47 million in federally disclosed political contributions this election cycle, according to the Times, including $19 million to President Joe Biden’s main super PAC, which Harris took over, and $10 million to House Democrats.

The sum pales in comparison to the $1.1 billion he spent on his own Democratic presidential campaign in 2020 and the $173 million more he spent on 2020 elections, including $100 million to help Biden win Florida.

Bloomberg, who has a reputation for end-of-cycle cash infusions, reportedly made the donation following a push by fellow Democrats, including a recent phone call with Harris and pressure from Harris donor and billionaire Bill Gates, who reportedly made a $50 million donation to the same organization recently.

Forbes Valuation

We estimate Bloomberg’s net worth at $104.7 billion, placing him as the 14th-wealthiest person in the world and the wealthiest person in New York.

Key Background

Bloomberg, who was first elected New York City mayor as a Republican before becoming an independent and registering again as a Democrat in 2018, expressed support for Biden’s decision to step aside in the race in July, but did not endorse Harris and encouraged the party to take its time in finding a replacement for Biden. Bloomberg expressed reservations in private at the time about Harris’ capabilities, but he has since warmed to her, praising her at a private dinner in the Hamptons later in the summer, the Times reported, citing unnamed sources familiar with the conversations. Bloomberg and Trump openly feuded when they challenged each other for the White House in 2020, when Bloomberg referred to Trump as a “carnival barking clown” and Trump called him a “tiny version of Jeb 'Low Energy' Bush.”

Tangent

Harris’ campaign has raised nearly three times as much as Trump’s between January 2024 and Oct. 16, 2024, the most recent date for which Federal Election Commission filings are available—$997.2 million, compared to $388 million for Trump.

Big Number

82. That’s the number of billionaires who have donated to Harris, compared to 52 backing Trump, according to a Forbes analysis of FEC records made public so far this election cycle.