Bloomberg Donates $10 Million to Help House Democrats

In a significant move to bolster Democratic efforts in the upcoming elections, billionaire businessman Mike Bloomberg donated $10 million to the House Majority PAC in July. This PAC plays a crucial role in supporting Democratic candidates in the House, focusing on both incumbents defending their seats and challengers aiming to unseat Republicans. House Majority PAC President Mike Smith expressed gratitude for Bloomberg's ongoing support, emphasizing the importance of his contributions in promoting a Democratic agenda and electing Speaker Hakeem Jeffries. Bloomberg's latest donation follows a $20 million investment in President Biden's campaign in June, which is now being redirected to support Vice President Kamala Harris. This renewed financial backing for the Democratic Party comes after Bloomberg's unsuccessful presidential run in 2020, during which he spent an astonishing $1 billion on his campaign. After exiting the race, he transferred approximately $18 million to the Democratic Party and announced a $100 million independent ad campaign to support Biden's candidacy. At 82 years old, Bloomberg ranks as the 15th wealthiest person globally, with an estimated net worth of $106 billion, according to Forbes. His contributions come amid a surge in Democratic donations following Biden's endorsement of Harris, which has revitalized enthusiasm among party supporters and leveled the electoral playing field against former President Trump. In contrast, conservative billionaire Timothy Mellon made headlines with a $50 million donation to a super PAC supporting Trump's campaign, highlighting the competitive fundraising landscape as the election approaches.