Caixin News on October 29th (Editor Shi Zhengcheng) Local American media reported on Monday, citing multiple sources, that Michael Bloomberg, former mayor of New York City and owner of the financial data platform Bloomberg Terminal, recently donated $50 million to a nonprofit organization supporting Kamala Harris.

Known as a 'data enthusiast,' Bloomberg has always been known for making large donations at the end of election cycles. What's very different this time is that he chose a secretive way of donating. Considering that Bill Gates, who was recently also revealed to have made a 'secret donation of $50 million,' these super-rich supporters of the Democratic Party choosing to support Harris can be described as 'very secretive.'

According to the Forbes rich list, Bloomberg's net worth is similar to that of Bill Gates, both around $105 billion.

(Source: Forbes)

Do major donors also need to be 'secretive'?

Sources said Bloomberg's latest donation went to the nonprofit organization Future Forward USA Action, which is the 'dark money tool' of Harris's main super PAC Future Forward.

It is reported that under US tax law, some 'social welfare organizations' can accept anonymous donations and use them for political activities, which is known as the 'dark money' mechanism. This practice is legal in the United States, mainly aiming to provide donors with a certain degree of privacy protection.

But the problem is, unlike Bill Gates, in this election cycle, Bloomberg has long publicly declared his support for the Democratic Party. Prior to this anonymous donation, he had already provided 47 million US dollars in public political donations to the Democratic Party, ranking second among all major Democratic donors behind George Soros.

As a well-known 'latecomer', Bloomberg established his own super PAC in 2012 and injected 10 million US dollars to support Obama's reelection in October of that year. In the following election cycles, he spent 29 million US dollars in 2014, another 24 million US dollars in 2016, with at least half of the funds being invested after August.

During the Trump era, Bloomberg not only registered as a Democrat in 2018, but also increased his funding. He invested 95 million US dollars in the 2018 midterm elections to help the Democratic Party regain control of the House of Representatives. The situation in 2020 was a bit more complicated, as Bloomberg personally invested 1.1 billion US dollars in an attempt to run for office - only to prove that votes cannot be solely bought with money. In addition to his own campaign activities, he also invested 0.173 billion US dollars to help the Democratic Party defeat Trump.

Mike Smith, the head of the House Majority PAC, described Bloomberg's late political donations as 'deliberate' and 'complex'. The committee has received 70 million US dollars in donations from Bloomberg over the past decade, including 10 million US dollars this year.

"There is no reason to expect any individual donor to give you money unconditionally, Bloomberg's donation is not just about giving money," said Smith.

Therefore, Bloomberg, who has always liked to boast about political investments, has somewhat baffled people this time by choosing to donate through anonymous channels.

Or is it because he has been 'hurt too deeply'?

According to media reports, Bloomberg's donation this time was made under 'months of pressure' from billionaires like Bill Gates and 'Silicon Valley Godfather' Ron Conway. Informed sources said that a few weeks ago, Bloomberg met with Harris' economic team at Bloomberg headquarters, providing feedback on Harris' economic and real estate policies. Harris also personally called Bloomberg, trying to make him feel valued by the Democratic Party and herself. In the end, they received a check of 50 million US dollars.

According to Bloomberg's assistants, the financial news billionaire has been reluctant to fully participate in the 2024 election, not only because of the large spending in the 2020 election, but also because it left him traumatized. He not only withdrew from the election with a bad mood, but also expressed dissatisfaction with Democratic senators in New York like Chuck Schumer who did not support his candidacy.

According to sources, Bloomberg's relationship with former rival Biden has been somewhat cold. However, in recent months, his views on Harris have undergone some changes. Initially, when Biden withdrew and endorsed Harris, Bloomberg only issued a statement without clearly mentioning support for Harris, and even expressed disdain for Harris' abilities in a private conversation.

However, during the Democratic National Convention, Bloomberg was seen 'affectionately talking about Harris' at a dinner hosted by business tycoon and former american express CEO Kenneth Chenault.

Despite still disliking Trump, Bloomberg refused in May of this year to donate over 19 million dollars to the Democratic Party's Super PAC and believed that his money could be used in better ways.