Bloomberg endorsed Biden's reelection in a statement to The Washington Post on Thursday in response to a request for comment on the donations.
“I endorsed Joe Biden in 2020 and am proud to do so again,” Bloomberg said.
It's the first public donation to a 2024 presidential race by the wealthy Republican-turned-Democrat who has become a major, reliable source of funding for Democrats in recent races.The transfer was described by people familiar with the matter, who spoke on condition of anonymity because they were not authorized to speak publicly.
The 82-year-old Bloomberg, a three-term mayor of New York City, is the 15th richest person in the world, according to Forbes magazine, with a fortune of about $106 billion, mainly through private financial services company Bloomberg LP.
Bloomberg spent about $1 billion on the 2020 Democratic presidential nomination race, including $18 million he sent to the Democratic Party to support Biden's campaign after he dropped out of the race. The former mayor later announced a separate $100 million ad campaign to support Biden in Florida, a state that Trump won by more than 3 percentage points.
“Michael Bloomberg has been a strong supporter of President Biden in 2020 and will continue to be in 2024, and we are incredibly grateful for his support,” FF PAC Chairman Chauncey McLean said in a statement Thursday. “Voters respond when they hear that President Biden cares about them and that Donald Trump only thinks about himself. Thanks to Michael Bloomberg's endorsement, we will be more successful in helping people understand the choice they have in this election.”
Bloomberg was the single largest donor to FF PAC during the most recent filing period, joining other major donors including the International Association of Paint and Allied Industries, the Workers International Union, SEIU, the United Association and the Transport Workers Union, according to a person familiar with the donations.
The group announced plans to launch a $250 million digital and TV ad campaign after the Democratic nominating convention in Chicago in August, with additional summer ads planned to be announced in the coming weeks.
Partner group Future Forward USA Action, which doesn't disclose its donors, spent $22 million last year on ads to educate people about Biden's record, according to research firm AdImpact. Future Forward USA Action has also partnered with Climate Power to spend another $11 million so far on similar ads, including spots currently airing in battleground states.
Biden gave Bloomberg a glowing praise at a White House ceremony on May 3 to award him the Presidential Medal of Freedom, the nation's highest civilian honor.
“He changed us. And he challenged us to solve our toughest challenges, from gun violence to climate change,” Biden said. “Thank you, Michael, Mayor. Thank you for a career of service.”
