Billionaire Mike Bloomberg will spend tens of millions of dollars to help Democrats pad their majority in the House for the November elections.
The Washington Post reported that Bloomberg, who served as mayor of New York City as a Republican before becoming a Democrat and launching a brief run for president during this election cycle, will fork over $60 million.
The money will be spent on digital and television advertising, while some of it will go to left-leaning groups and political action committees. Bloomberg will target some Democrats running for reelection who he helped win in 2018 and others who are trying to unseat Republicans, the Post reported.
"Mike's view is that the investments he made last time are some of the best investments he has ever made," a Bloomberg adviser told the Post. "We are going to be looking at the same kinds of places, which is to say suburban, swing districts. There will be some overlap with presidential contest states."
House Speaker Nancy Pelosi said she is grateful for Bloomberg's assistance.
"Mike Bloomberg played a role that was pivotal to our success two years ago," she said, referencing the money he spent on the 2018 midterm elections. "We are so glad that he is staying in the fight to protect and expand the Democratic majority in the House."
Bloomberg's Everytown for Gun Safety group is also participating in the election process with a budget of $60 million to help Democrats win.
According to Forbes, the 78-year-old Bloomberg is worth around $55 billion, making him the 16th richest person in the world.
Bloomberg joined the crowded field of Democrats running for president late last year, but his campaign fizzled out and he exited the race in March.
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