January 25, 2023
Bloomberg Drops Out After Spending Half A Billion On Presidential Race
- by Wayne Friedman , March 4, 2020
Democratic Presidential contender Michael Bloomberg is leaving the Presidential race after spending $558 million -- including nearly $200 million in advertising just on Super Tuesday primaries for 14 states -- with little to show for it.
Advertising Analytics says Bloomberg spent a massive $198.4 million on Super Tuesday -- versus Democratic candidate and former vice president Joe Biden’s $2.1 million in total, who was a big winner on the night.
Biden won nine states including a big delegate grab in Texas -- now amassing a leading 453 delegates. Sen. Bernie Sanders is next with 373 delegates. Bloomberg totaled 18 delegates, including an overall win for American Samoa, where he got 4 delegates.
Overall, Bloomberg is estimated to have spent nearly $600 million so far in all his political advertising over the last three-and-a-half months -- breaking many records for the most ever spent by a political candidate, all coming from his own money.
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In four key states --- Virginia, Texas, North Carolina, and Minnesota -- Bloomberg spent $81.9 million, versus Biden’s spending of $975,000 in those states.
A statement from Bloomberg said that defeating President Trump is the most important goal. He will endorse Joe Biden for President.
The first lesson from this debacle is if you are going to rely so much on advertising at least spend the money wisely---as opposed to trying to swamp consumers with redundent ads in one medium after the other. Second lesson---- the product should deliver what the ads are promising---not the exact opposite.