Michael Bloomberg is worth $64 billion, according to Forbes. And he might just drop 10% of that fortune running for president in 2020....
Michael Bloomberg is worth $64 billion, according to Forbes.
And he might just drop 10% of that fortune running for president in 2020.
“Bloomberg just came in with so much cash, that it made any place irrelevant, and if he’s willing to double-down and triple-down, he could easily spend over a billion dollars just to get to the nomination,” former House Speaker Newt Gingrich told “Fox & Friends” on Tuesday.
“He could spend 10 percent — $6 billion — because he wants to be president, and he hates Trump, and the combination is a motivator,” Gingrich said.
Bloomberg is dumping millions into advertising, blanketing states that could well play a part in the 2020 Democratic presidential nomination.
“You have this billionaire over here who is just literally carpet-bombing states — a place like Arkansas or Oklahoma. He’s probably putting more money into those two states than the entire Buttigieg campaign so far,” Gingrich said.
Bloomberg has been soaring up the polls of late, eclipsing some longtime candidates like Sen. Elizabeth Warren and former vice president Joe Biden. He’s currently tied in Virginia with front runner Sen. Bernie Sanders.
Gingrich said Bloomberg is a formidable candidate — and good at buying elections.
“He is very professional,” Gingrich said. “He is very smart. He served as mayor of New York for 12 years and people thought overall he basically bought it the last time. He spent about $200 per vote, which is, I think, the all-time American record. But, nonetheless, he served for 12 years. It was a relatively corruption-free, relatively effective period in terms of the city’s prosperity.”
But Gingrich said too much advertising could backfire.
“Advertising at some point starts to lose its effectiveness,” he said. “When you see your 300th ad, you kind of get it…the American people are pretty educated about when TV commercials are phony and when they are real.”
And Gingrich said the other candidates for the nomination may want to team up to target Bloomberg at the next debate, which will be Bloomberg’s first.
“If they don’t bring up all these things that are beginning to surface and make him answer for them, they are just going to get drowned,” Gingrich said. “The only person right now who could play with him is Bernie Sanders, who has a big enough base… Bernie is in so far for $10 million, but I think Bloomberg is in for about $230 million. Sanders is the only guy even showing up on the stage for Super Tuesday right now.”
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