Bloomberg ad spending on 2020 election tops $200 million

Michael Bloomberg has surpassed $200 million in spending on digital and television advertisements, just two months into his nascent Democratic presidential bid.

According to ad-tracking firm Advertising Analytics, Bloomberg’s campaign hit the milestone on Friday, nearly topping the $220 million spent by every other Democratic candidate combined.

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It comes just days after Bloomberg purchased a 60-second advertising spot that will air nationally during the Super Bowl. Campaign officials for the former New York City mayor did not specify the exact cost of the ad but said they would be paying “market rate,” meaning Bloomberg’s ad likely cost around $10 million.

President Trump's reelection campaign, which has its own nine-figure campaign war chest, will air a dueling 60-second Super Bowl ad of its own during the game. In the last three months of 2019, Trump's campaign announced it raised a $46 million, well beyond the hauls that any of the 2020 Democratic hopefuls reported.

Bloomberg is using his vast fortune — he’s worth an estimated $52 billion, according to Forbes, making him one of the richest people in the world — to power his unconventional campaign and does not intend to accept donations.

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He is not participating in the Iowa caucuses and won't be on the ballots of other early-voting states, including New Hampshire, South Carolina and Nevada. He plans to spend more than $500 million on the 2020 election, Politico previously reported.

In terms of spending, Bloomberg is trailed by fellow billionaire Tom Steyer, who’s plowed more than $106 million into ads. Steyer’s millions seemed to pay off this week, when he met the necessary Democratic National Committee quotas to qualify for the party's debate next week.

At a time when some Democrats are running on platforms of radical economic change, Steyer and Bloomberg’s use of their billions has drawn ire from their rivals.

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Both progressive Sens. Elizabeth Warren and Bernie Sanders have accused the duo of trying to use their immense wealth to “buy” the presidential election.

“Bloomberg is making a bet on democracy in 2020,” Warren said last year. “He’s saying he doesn’t need people, he only needs bags and bags of money. I think Michael Bloomberg is wrong, and that’s what we need to prove in this election.”