Michael Bloomberg is spending about $80 million to support Democrats in midterms

Michael Bloomberg, the billionaire former New York City mayor, is directing roughly $80 million toward helping Democrats win in the midterms from September through Election Day, his team said, according to CNN.

Of that total, $50 million is earmarked for the fight over House control. The House money includes $24 million sent through Everytown for Gun Safety, an advocacy organization Bloomberg helped start, and $16 million for House Majority PAC, the party's leading super PAC in House contests.

Howard Wolfson, Bloomberg's longtime political adviser, told CNN that "money is not determinative, but it is helpful." Wolfson noted that "Republicans have a significant monetary advantage," but said Bloomberg is "glad to be able to do his part."

Bloomberg now ranks among the party's five biggest individual givers for the 2025-2026 cycle once the new spending is counted, according to a CNBC analysis of Federal Election Commission filings. Before the $80 million came to light, he had been publicly tied to $23 million in giving this cycle, all of it directed to Democrats and related causes, according to CNBC.

FEC records show Bloomberg gave $11 million to Stand for New York PAC between March and June, and $5.4 million to 314 Action Fund between May and July. The most recent 2026 contribution listed in those records is $500,000 to In Union USA on Sept. 17. Additional information about his donations is slated to appear in FEC reports due this week.

Everytown and House Majority PAC unveiled a shared $10 million ad push in early October that targets closely contested races in key states.

President Donald Trump declared in a Truth Social post on Tuesday that his past and planned spending through outside groups under his control to help Republicans will exceed $400 million before Election Day, Nov. 3.

On the Republican side, Elon Musk has directed more than $276 million to Republican groups since July, according to figures from a spokesperson for his America PAC. That includes $158 million to the Senate Leadership Fund and $20 million to the Congressional Leadership Fund, the leading super PAC for House Republicans. Musk's total federal political outlays for the 2025-26 cycle come to about $366 million.