Billionaire Michael Bloomberg obviously doesn’t need any support to fund a 2020 run at the Democratic primary, but it looks like Wall Street is ready to rally behind him, dealing a major blow to other moderate Democrats vying for the chance to take on incumbent President Donald Trump.
Bloomberg, 77, has said he would fund his own run for president if he decides to enter the race, and who knows how much he’s willing to spend. He’s already committed $100 million to an anti-Trump digital ad blitz whether he runs or not, so spending a huge chunk on his own campaign isn’t out of the question.
And even though the former mayor of New York, who is worth over $53 billion, says he doesn’t want to participate in any fundraising by going to the self-financing route, that’s not stopping some big names on Wall Street from backing him.
John Mack, former CEO of Morgan Stanley, told Bloomberg and his team that he’s “all in” behind Bloomberg, according to an anonymous tip to CNBC. Mack, a longtime friend of Bloomberg’s, contributed $2,800 to former Vice President Joe Biden’s campaign in May. Biden’s campaign managed a measly $15 million in fundraising during the third quarter, but he is still leading in the polls.
Leon Cooperman, another billionaire investor who has been feuding with progressive candidate Elizabeth Warren over her penchant for attacking wealth, also said he would back Bloomberg were he to run for president.
“I’m a huge fan of Michael. I know him personally. It’s a breath of fresh air. Unless he changes his stripes, he will have my unequivocal support,” Cooperman said in a recent interview with CNBC.
Some supporters of Biden are terrified of Bloomberg entering the race because it would steal votes from the former vice president, opening the door for Warren to take the candidacy. An anonymous private equity executive said they believe Bloomberg could be an alternative for voters considering Biden or even Kamala Harris, another Democrat who leans more to the center.
“I think (Bloomberg entering the race) takes away from (Warren’s) biggest competitor, and that’s Joe Biden,” BLS Investments CEO and Biden supporter Bernard Schwartz, said. “I’m not saying Bloomberg is doing it intentionally, but that’s what I think the result would be.”
Bloomberg’s impact hasn’t been felt yet, though, and a recent poll by Morning Consult shows the billionaire only has 4% of support for the Democratic primary (but that’s without even entering the race).
Editor’s note: Bloomberg is probably still a long shot to take the Democratic primary if he enters the race, but do you think his entrance opens the door for Warren to take the candidacy? Share your thoughts below.