Michael Bloomberg spent $1 billion this election cycle and is coming away with huge losses

michael bloomberg.JPG — Former New York City Mayor Michael Bloomberg is pictured on February 29, 2020.
Lucas Jackson/Reuters

Mike Bloomberg poured over $1 billion into this election cycle during his short-lived presidential term and after he dropped out.
Despite the huge amount of money he spent on a variety of races and ads, he's not getting the results he was looking for.
He spent $115 million on ads in support of Joe Biden in Florida, Ohio, and Texas — but Biden lost all three key states.
Bloomberg also invested millions into local races, which have either been won by Republican candidates or have not yet been called.
Visit Business Insider's homepage for more stories.

Mike Bloomberg spent over $1 billion this election cycle, but he doesn't have much to show for it.

With a net worth of over $48 billion, Bloomberg ranks 16th on Forbes' list of richest people in the world. After spending more than $1 billion of his own money on his short-lived presidential bid, Bloomberg spent millions more to back presidential nominee Joe Biden and other Democratic candidates.

He spent over $100 million on television and digital ads in support of Biden in Florida. In Ohio and Texas, Bloomberg bought $15 million worth of TV ads in an effort to boost support for Biden in the two states. These three states, each boasting a significant number of electoral college votes, are considered crucial in the battle between Biden and President Donald Trump. But Biden lost each, rendering ineffective Bloomberg's heavy spend.

Trump won Florida by less than four percentage points. In Ohio and Texas, the difference was about double what it was in Florida.

Bloomberg also dropped millions on local and state races, which have either been won by Republican candidates or have not yet been called.

Bloomberg, through his super PAC Independence USA, spent $1.2 million against the Republican candidate in the Michigan House race, according to the Center for Responsive Politics. With most votes still not counted in the race between first-term Democratic Rep. Haley Stevens and Republican Eric Esshaki, there is no clear winner yet. But Stevens maintains a slight lead, according to Decision Desk HQ.

The billionaire also invested into several smaller races in Arizona, Texas, and North Carolina — but his track record there is no better.

He spent $2.6 million backing Chrysta Castañeda for railroad commissioner in Texas, a race she ultimately lost to Republican Jim Wright. He also put $8.5 million into support for Yvonne Holley, who ran for and lost lieutenant governor in North Carolina.

In Arizona, Bloomberg backed three Democratic candidates for the Arizona Corporation Commission, a $6.3 million effort. Initial results show the Democrats have lost their lead.

There is at least one success story in this string of failed attempts to sway the vote blue.

Everytown for Gun Safety, a nonprofit dedicated to increasing gun control measures, helped flip a Senate seat from red to blue in Colorado.

The Bloomberg-funded nonprofit spent at least $60 million this election cycle, some of which went toward funding Democratic contenders in both Arizona and Colorado. Republican Rep. Cory Gardner of Colorado was unseated by Democrat John Hickenlooper. The Arizona race was not called within the day after polls closed, but a Democratic candidate was poised to unseat Republican Rep. Martha McSally.

These races might turn into a saving grace for Bloomberg, whose large spend this year has proven largely ineffective. In his own presidential bid, his only Super Tuesday victory was the American Samoa Democratic caucus. In total, Bloomberg was behind 45 delegates, costing him about $23 million each.

The total amount Bloomberg spent this election cycle is a fraction of his net worth, but the figure is a testament to the enormous cost of this year's elections. The Center for Responsive Politics predicts that this year's election cycle will cost $14 billion, the largest sum in history.

Read the original article on Business Insider