Bloomberg's 'Daydream'... Presidential Bid Ends with a Fizzle

Withdrawal 101 Days After Declaring Presidential Primary Candidacy

Reached No.1 in Polls Before Entry

But Suffered Crushing Defeat on 'Super Tuesday'

▲Michael Bloomberg, former Mayor of New York City [Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The presidential bid of billionaire Michael Bloomberg, former New York City mayor, ended as a pipe dream. He announced his withdrawal just 101 days after declaring his candidacy. Despite mobilizing enormous funds and employing a unique campaign strategy that propelled him to the top of Democratic presidential candidate polls even before officially entering the race, his campaign quietly ended without making a significant impact. This left a blemish on his success story as the world's 8th richest person and a three-term New York mayor.

After the 'Super Tuesday' primary results were announced on the 4th (local time), Bloomberg stated, "The reason for withdrawing from the primary is to defeat Donald Trump," adding, "I will unite behind the candidate (Joe Biden) with the best chance to beat Trump."

Local U.S. media outlets such as The Washington Post (WP) analyzed Bloomberg's withdrawal announcement, noting that despite his earlier statement during his first TV debate debut that he would not quit, "the dismal results on 'Super Tuesday' were a painful defeat that justified his decision to withdraw."

Bloomberg declared his candidacy relatively late, in November, about six months after his competitors. However, he attracted attention by betting on his enormous funds and unconventional campaign strategy. He did not raise campaign donations but solely used his own wealth for the campaign. Over 100 days, he poured in $560 million (approximately 660 billion KRW), about ten times the amount spent by other Democratic contenders. He also formed an 'SNS unit' for campaigning on social media platforms, paying them about 3 million KRW monthly. Since candidate registration had already closed when he entered, he boldly skipped the initial four primary states (Iowa, New Hampshire, Nevada, South Carolina) and focused solely on 'Super Tuesday.'

However, this strategy drew public backlash. Senator Bernie Sanders, a rival candidate, criticized him by saying, "Democracy cannot be bought with money," and wherever Bloomberg went, placards stating "Democracy is not for sale" were displayed. The New York Times (NYT) commented, "Bloomberg's challenge was a political experiment," adding, "While the marketing techniques were effective, the product did not live up to expectations."

At one point, he surged to first place in the polls, creating a stir even before his official entry. In a December poll in Florida, he rose rapidly to 27.3% support, ranking first. Florida is one of the biggest battlegrounds on Super Tuesday, with 219 delegates, following California (416 delegates) and Texas (228 delegates). He faced concentrated scrutiny not only from Democratic rival Senator Elizabeth Warren but also from President Donald Trump.

His momentum began to falter after a brutal first TV debate on the 19th of last month. Despite the attacks from rival candidates being predictable, he failed to adequately defend himself against controversies such as stop-and-frisk policies during his tenure as New York mayor and allegations of gender discrimination within his company. The result was a disastrous debut on Super Tuesday. Bloomberg failed to win in any of the 14 states holding primaries that day. Although he placed first in American Samoa, it had no impact on the primary race.

Following Bloomberg's withdrawal announcement, President Trump mocked him on Twitter, saying, "I could have told him long ago that he did not have what it takes to be president," adding, "If I had, he could have saved $1 billion." He also said, "'Mini' Mike and his odd friend Tom Steyer learned the hard way that you cannot buy an election." Tom Steyer, another wealthy businessman, was also a Democratic presidential candidate who had previously dropped out.

According to Forbes, Bloomberg's assets amount to $58.4 billion (approximately 69 trillion KRW), ranking him as the world's 8th richest person. He built Bloomberg LP into one of the world's leading media companies, then was elected New York mayor in 2001 as a Republican. After winning re-election, he left the Republican Party in 2007 and was re-elected as an independent for a third term in 2009. He is also credited with successfully leading New York's reconstruction after the September 11, 2001 terrorist attacks.