Mike Bloomberg spent $1.2 BILLION on his failed four-month long presidential run and now faces losing more as he is sued by fired workers (but it’s still not even 3% of his net worth)
- Mike Bloomberg spend $1.2 billion on his failed attempt to take the Democratic nomination, running for president for just four months
- Now he could be out even more cash after several former staffers have filed lawsuits against the billionaire ex-candidate
- For Bloomberg, worth $54 billion, the money he spent doesn’t even amount to 3 per cent of his net worth
- Learn more about how to help people impacted by COVID
Mike Bloomberg spent about $1.2 billion on his failed attempt to take the Democratic nomination, staying in the presidential race for only four months, Federal Election Commission filings show.
Now he could be out even more cash after a former campaign organizer filed a class action lawsuit in the Southern District of New York on Monday, claiming the billionaire terminated thousands of staffers during the coronavirus crisis despite ensuring them they would be paid until November.
But for Bloomberg, valued at $54 billion, the money he spent doesn’t even amount to 3 per cent of his net worth.
Mike Bloomberg spent a whopping $1.2 billion on his self-financed presidential run, which lasted only four months
Democratic donors told CNBC they wanted to see Bloomberg reappear and continue his assault on Trump. He financed a number of ads that tore into the current president, such as this billboard in Phoenix, Arizona
This is the third class action lawsuit against Bloomberg, after two other field organizers filed suit against him in New York last month.
Bloomberg floated with running for president in the early months of 2019, but didn’t jump into the race until November, believing that the longtime frontrunner Joe Biden looked relatively weak.
Bloomberg also feared that democratic socialist Bernie Sanders could potentially win the nomination.
The billionaire ran an expensive, national campaign, running ads and traveling to Super Tuesday states – bypassing the traditional gripping-and-grinning in Iowa, New Hampshire, Nevada and South Carolina, which host the first four contests.
The plan didn’t work.
After winning South Carolina, Biden beat Sanders in 11 of the 14 Super Tuesday states on March 3.
Bloomberg didn’t win any.
He dropped out on March 4 – and hasn’t returned to the political arena yet.
Instead of forming a political action committee on his own, Bloomberg handed over $18 million to the Democratic National Committee.
CNBC reported that Bloomberg is still disappointed in the way the campaign turned out and isn’t ready to return to the public eye. This has disappointed party donors who have wanted to see Bloomberg reappear to continue his assault on Trump, as he did in a number of his campaign ads.
The latest lawsuit filed by ex-aide Grette Fernandez claims that on the day Bloomberg dropped out of the race his campaign manager, Kevin Sheekey, held a phone meeting with staffers telling them ‘nothing would change with respect to the Campaigns efforts to defeat President Trump in November…’
However, ‘in the days following Mr. Bloomberg’s announcement, Plaintiff and other Class members would come to learn that Defendant had no intention of keeping its promises of employment for a definite period,’ court papers claim.
‘Specifically, the Bloomberg Campaign began to hold ”termination calls” during which staffers were told that their positions at the Campaign were terminated, and that they would no longer receive a paycheck or health insurance coverage come April 1.’
Both Biden and Sanders’ stopped actively campaigning a week after Super Tuesday due the coronavirus crisis, with most states activating stay at home orders before April 1.