Michael Bloomberg endorses Joe Biden, donates $20 million to campaign

As the Washington Post reports, the bulk of Bloomberg's donation went to the Future Forward PAC, with the pro-Biden group receiving its largest independent contribution during the most recent filing period of $19 million. The Biden Victory Fund, which is jointly operated by the Biden campaign and the Democratic Party, received the maximum allowable amount of $929,600. The donation comes after Biden gave Bloomberg the Presidential Medal of Freedom last month during a ceremony at the White House.

“From finance to media to philanthropy, Michael Bloomberg has revolutionized our economy. He’s transformed how we consume information,” Biden said at the time of giving Bloomberg the award, per the New York Post. Bloomberg made a fortune in financial technology and became mayor of New York City in 2022. He initially ran as a Republican, shifted to independent, and then re-registered as a Democrat in 2018.

"Michael Bloomberg was a strong supporter of President Biden in 2020 and, now, again in 2024, and we are very grateful for his support," Future Forward President Chauncey McLean said in a statement. "Voters respond when they hear the story about President Biden looking out for them while Donald Trump just looks out for himself. Because of Michael Bloomberg's support, we'll be more successful in making sure people understand the choice in this election." In a statement to the outlet, Bloomberg said, "I stood with Joe Biden in 2020, and I am proud to do so again."

Future Forward is expected to use the funds to push $250 million worth of digital and television ads, but only after the Democrats have officially chosen a nominee in August. The Biden campaign has not disclosed how it will spend Bloomberg's money.

The former mayor spent nearly $1 billion during his failed presidential run four years ago, donating $18 million to Biden after suspending his campaign due to a lack of support. He then forked over another $100 million specifically to spread then-candidate Biden's message in Florida. Despite his efforts, Trump still took the won the state in 2020.