Latest News 21-06-2024 09:02 13 Views

Bloomberg shells out millions to help Biden battle Trump in 2024 presidential election rematch

Former New York mayor, billionaire entrepreneur and media magnate Michael Bloomberg contributed nearly $20 million to help boost President Biden in his 2024 election rematch with former President Trump, sources confirm to Fox News.

Bloomberg, a one-time Republican turned independent turned Democrat, wrote a massive $19 million check to the Future Forward PAC, known as the FF PAC, which is the leading super PAC supporting Biden's bid for a second term in the White House.

And Bloomberg, who briefly ran unsuccessfully against Biden for the 2020 Democratic presidential nomination, also gave the maximum donation of $929,600 to the Biden Victory Fund, a fundraising committee that benefits the president's re-election campaign and various Democratic Party committees.

Sources with knowledge of the transfers confirmed them to Fox News on Thursday evening.

'I stood with Joe Biden in 2020, and I am proud to do so again,' Bloomberg said in a statement to the Washington Post, which was the first news organization to report the massive contributions.

Bloomberg shelled out a staggering $1 billion of his own money on his 2020 Democratic presidential nomination bid.

After he dropped out of the race, he transferred roughly $18 million to the Democratic Party. And he separately announced the funding of a $100 million independent ad campaign to boost Biden's White House bid.

Bloomberg, who at 82 is a year older than Biden, according to Forbes Magazine, is the 15th wealthiest person in the world, with approximately $106 billion in assets.

As the news of the Bloomberg contributions was going viral, so was word that conservative billionaire donor Timothy Mellon gave a mind-boggling $50 million contribution last month to a leading super PAC supporting Trump's White House bid.

According to a federal disclosure filing on Thursday, Mellon made his contribution to Make America Great Again (MAGA) Inc. the day after Trump was convicted of all 34 felony counts in his criminal trial, which is the first involving a former or current president in the nation's history.

The New York Times was first to report the contribution from Mellon, who's an heir to the Pittsburgh-based Mellon banking family.

In its fundraising filings, MAGA Inc. disclosed that it brought in over $68 million in fundraising last month, with most of the money coming from Mellon, with another $10 million from the conservative mega donors Dick and Liz Uihlein, founders of the Uihlein shipping and packaging company.

The super PAC announced a few days after the Mellon donation that they were reserving $100 million in ad reservations to run spots this summer in support of Trump.

The latest contribution from Mellon follows a previous $25 million donation earlier this cycle to MAGA Inc. Mellon also contributed roughly the same amount to American Values, the main super PAC supporting Democrat turned independent Robert F. Kennedy Jr.'s presidential campaign.

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