Mike Bloomberg spent $80 million supporting Democrats in midterms: NYT

Mike Bloomberg spent $80 million in September and October to help Democrats regain majority control of the House of Representatives in the upcoming midterm elections, the New York Times reported Tuesday, citing his team.

Shortly after the Times published its story on Bloomberg’s campaign spending, fellow billionaire President Donald Trump reiterated in a social media post his promise to spend $400 million to support Republican candidates.

These contradictory announcements come as Republicans are increasingly concerned about retaining their majority in both houses of Congress.

Many political analysts expect Democrats to take control of the House, and several polls show that Democrats are able to win a majority of seats in the Senate.

Bloomberg “believes that resources are important in campaigns,” his political adviser Howard Wolfson told the Times.

Bloomberg, a former New York mayor, is “expecting an outcome,” Wolfson said.

With that $80 million in spending, Bloomberg is among the five largest individual Democratic donors, according to a CNBC analysis of FEC filings for the 2025-2026 election cycle.

Wolfson did not immediately respond to a request for comment from CNBC.

Before Tuesday’s announcement, Bloomberg was known to have donated $23 million to Democrats and affiliated causes this election cycle, according to Federal Election Commission records through Tuesday.

By early October, Bloomberg had invested $11 million in a super PAC supporting Micah Lasher in New York’s 12th Congressional District and $2.5 million in the reelection of Pennsylvania Gov. Josh Shapiro, according to campaign finance records.

Trump, in an article for Truth Social, said he and his affiliated political action committee have spent more than $300 million helping Republican candidates with advertising, voter contact, rallies and turnout efforts. Trump has promised his spending will exceed $400 million by Election Day, November 3.

So far, FEC filings through Tuesday afternoon show about $200 million in identifiable spending and advertising reserves tied to Trump’s political operation, leaving a gap between what is publicly visible and Trump’s broader claims.

In September, Trump said he had “nearly a billion dollars” in his super PAC, MAGA Inc., and planned to spend between $400 million and $500 million in the midterms. At the time, MAGA Inc. reported about $403 million in cash, less than half the amount cited by Trump.