Mike Bloomberg’s net worth takes multibillion dollar hit
The drop comes as the Dow suffered its worst week since the financial crisis
Former New York City Mayor and 2020 Democratic presidential candidate Mike Bloomberg’s bank account appears to have taken a sizable hit, as the market cratered amid coronavirus outbreak fears.
Bloomberg’s net worth as of Feb. 18 was around $64 billion, according to Forbes. As of Friday, his Forbes-estimated net worth had fallen to $56.2 billion.
The Bloomberg media company has an estimated valuation of $50 billion and generates an estimated $10 billion in annual revenue.
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As previously reported by FOX Business, Bloomberg is prepared to place his namesake media empire in a blind trust and sell it if he were to win the presidency in order to avoid any conflicts of interest.
The dent to his net worth comes as the Dow Jones Industrial Average dropped 3,500 points in its worst week since the 2008 financial crisis as investors worried about the economic impact of the coronavirus and countries across the globe reported more cases and deaths.
More than 82,000 confirmed coronavirus cases have been identified around the world, including 62 in the United States. More than 2,800 people had died.
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When it comes to the 2020 election cycle, Bloomberg’s campaign is entirely self-funded. He participated in his first two debates in Nevada and South Carolina. However, he has yet to appear on a ballot, and he will not appear on the ballot in South Carolina on Saturday.
Bloomberg has spent a massive amount on advertisements since he entered the race in November — about $410 million on television ads alone, according to The New York Times.
The first time voters will be able to cast their vote for the billionaire businessman will be on March 3, known as Super Tuesday, where about one-third of all delegates will be decided.