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Michael Bloomberg: Here's What You Need to Know

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Michael Bloomberg, 78, is making headlines. Years ago, it might have been for his role as a three-term mayor of New York City. Now, it's because he's running in the 2020 Democratic presidential primary—and he's doing so rather unconventionally.

Bloomberg is pitching himself as a moderate who can defeat President Donald Trump come November. With a net worth of $62.8 billion, the billionaire businessman and philanthropist is funding his own race and spending at a rate that far exceeds other candidates, including billionaire Tom Steyer.

As of February 2020, Bloomberg has spent over $400 million on his campaign. In comparison, Donald Trump spent $70 million of his own money in 2016. That said, Trump's net worth is estimated at about $3 billion, significantly less than Bloomberg's pot of gold.

Bloomberg has pledged to help defeat Trump even if he loses the Democratic nomination, saying he'll support whoever the nominee ends up being. But at the same time, he's campaigning aggressively to win.

Bloomberg's wealth stems from his ownership stake in Bloomberg LP, a software company.

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