Asianfin -- Michael R. Bloomberg, the former New York City mayor, has recently faced significant pressure from friends and fellow billionaires to increase his support for U.S. Vice President and Democratic presidential nominee Kamala Harris, resulting in a donation of around $50 million to a nonprofit organization backing her presidential campaign, as reported by four sources familiar with the situation.

This contribution followed months of persuasion from associates including Bill Gates, investor Ron Conway, and LinkedIn co-founder Reid Hoffman. Bloomberg had a private conversation with Harris recently, according to two people informed about the call.

His decision aligns with a strategy he has become known for: surprising Democratic operatives by delaying his contributions until the final stretch of campaigns. However, unlike previous major donations, this contribution was intended to be confidential, causing increased anxiety among Democrats who were unaware of his involvement.

The funds were given to Future Forward USA Action, the dark-money organization linked to Harris's main super PAC.

At 82 years old and with an estimated net worth of $105 billion, Bloomberg is the second-largest disclosed individual donor to Democratic causes this election cycle, following George Soros. Democrats noted that his donations this time are significantly lower compared to what he had spent during the presidency of Donald Trump.

Before his recent donation to a nonprofit, he had contributed $47 million in federally disclosed political donations during the 2024 presidential election cycle, which is less than half of the $95 million he reported donating to help Democrats regain control of Congress in the 2018 midterms.

In recent months, frustrated Democrats close to Bloomberg had been urging him to make a substantial contribution to support Harris in an election expected to be closely contested. Bloomberg’s advisors, along with the former mayor himself, have faced repeated inquiries about his perceived absence from the funding landscape.

Having registered as a Democrat only in 2018, he has been expected to contribute later in the cycle, perhaps too much so by some.

As a self-described "data nerd," Bloomberg believes he can identify strategic gaps—what he refers to as "unmet needs"—after other donors have made their commitments.

“I strongly disagree with that strategy because time, not late money, is always our best weapon — but that’s where we are this cycle,” said Quentin James, head of the Collective PAC, which received over $2 million from Bloomberg in 2020 but has not been funded in 2024.

Mike Smith, who leads the House Majority PAC and has received nearly $70 million from Bloomberg over the past decade, defended his approach, describing it as “deliberate” and “sophisticated.”

Bloomberg established his own super political action committee (PAC) in 2012 and made a $10 million donation in October that year to aid Barack Obama’s re-election. He contributed $29 million in 2014 and $24 million in 2016, with significant portions coming after late August each time.

His spending significantly increased during the Trump administration. In the 2018 and 2020 elections—excluding his own brief presidential run—he contributed over $250 million, primarily in late donations.

During his 2020 presidential campaign, Bloomberg spent $1.1 billion in a bid to see if substantial financial backing could secure votes; however, he faced a disappointing defeat in the Democratic primaries.

He had committed to spending his wealth to defeat Trump, unveiling a substantial, ultimately unsuccessful $100 million pledge to help Joe Biden win Florida in mid-September of that year. Excluding his campaign expenses, he spent around $173 million in the 2020 elections—significantly more than his public donations in the current presidential cycle.

Defenders argue that his 2020 expenses were exceptional since he was a candidate. Nonetheless, associates suggest Bloomberg has been hesitant to engage fully in 2024 for various reasons, including the high costs and emotional toll of his previous campaign.

He left the race with a bitter attitude, feeling let down by figures like Senator Chuck Schumer for not endorsing him. For months, Democrats tried to pitch his team on acquiring the conservative Sinclair Broadcast Group

Bloomberg, a major industry figure, has also had a somewhat strained relationship with incumbent President Biden, his former primary opponent. When Biden endorsed Harris, Bloomberg issued a statement that notably did not include support for her, and he was dismissive of her abilities in a private conversation, according to someone who overheard it.

He gradually became more supportive, expressing positive sentiments about Harris during a dinner at the home of business executive Ken Chenault around the time of the convention.

Despite his disdain for Trump, Bloomberg was initially hesitant to increase his financial contributions beyond the $19 million he donated to Future Forward’s super PAC in May, believing there wasn't the same level of unmet need this year due to Harris's fundraising success. He thought his money could be better spent on initiatives expanding abortion access, to which he has donated $5 million.

However, a few weeks ago, Bloomberg met with Harris's economic team at Bloomberg's headquarters to provide feedback on her economic and housing plans. After a check-in phone call from Harris, these efforts aimed to make him feel appreciated by the party and its nominee, culminating in the $50 million donation.

Dustin Moskovitz, who co-founded Facebook alongside his Harvard College roommate Mark Zuckerberg, has donated $38 million to Future Forward, a super PAC supporting Kamala Harris, and over $1 million to other organizations backing the vice president.

Bill Gates, co-founder of Microsoft and one of the wealthiest people in the world, donated $50 million toward Kamala Harris’s presidential election campaign against Donald Trump, according to a New York Times report. Besides, a nonprofit founded and funded by billionaire George Soros donated $60 million in January to Democracy PAC, a super political action committee he uses to support Democrats, according to a filing with the Federal Election Commission in April 2024.

Meanwhile, Trump's primary supporter is investor Timothy Mellon, an elusive 82-year-old heir to a wealthy banking family. He has contributed $150 million to MAGA Inc., the largest super PAC for Trump. Mellon's latest donation to the group was $25 million on September 17, following contributions of $50 million each in May and July.

Additionally, according to federal election records released Thursday night, Tesla CEO Elon Musk donated another $43.6 million to America PAC in October, an organization aiding Trump in his bid for the White House. This brings Musk’s total contributions to the super PAC to over $118 million this year, positioning him among the top donors of the 2024 campaign cycle.