Liberal billionaires Michael Bloomberg and Tom Steyer spent over $1 billion in their attempt to oust President Donald Trump from office, an effort that began even before their 2020 presidential campaigns.
In fact, it began when Steyer spent $123 million on a massive Need to Impeach campaign to push for Trump’s impeachment between 2017-2018.
Adding Steyer’s 2017-2018 spending ($123 million) to both billionaires' current estimated campaign spending totals, a whopping $1,063,718,074 was spent in an attempt to oust Trump. To put this into perspective, that’s nearly $600 million shy of Steyer’s entire net worth estimated at $1.6 billion.
MRC Business arrived at the gaudy total ($1,063,718,074) using Steyer’s $123 million Need to Impeach 2017-2018 campaign total calculated by Forbes Magazine, Federal Election Commission totals for Steyer’s 2020 presidential campaign’s total disbursements ($253,718,074.06), and Bloomberg News’ March 4 reporting, which noted that Bloomberg “has spent at least $687 million total on his campaign.” [Emphasis added.]
Breaking down the numbers, both Steyer and Bloomberg spent $193.1 million and $558 million respectively on campaign advertising, according to data from Advertising Analytics. In addition, both Steyer and Bloomberg spent $28,321,900 and $15,059,000 respectively (and exclusively) on liberal outside spending groups for the current cycle. Steyer’s spending went exclusively to NextGen Climate Action and Need to Impeach, two groups he founded.
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Steyer began his Need to Impeach campaign in 2017, which transformed into a multimillion-dollar effort to help Democrats secure a majority in the House of Representatives. In January 2020, Bloomberg shifted his massive ad campaign to support impeaching Trump.
A recent Advertising Analytics’ report revealed that Bloomberg had been spending an average of $37.4 million on TV, radio and digital media per week since he announced his candidacy in November 2019. There was one qualifier: “[H]e [Bloomberg] was only off air the week of Christmas.” [Emphasis added.]
Bloomberg News used reporting of its owner’s cash to claim Feb. 24 that “[t]he former New York mayor’s primary campaign is the most expensive in presidential history.” [Emphasis added.]
Both billionaires have suspended their presidential campaigns after failing to produce in the Democratic primaries.
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