Inside Bloomberg’s half-billion-dollar belly flop

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Inside Bloomberg’s half-billion-dollar belly flop
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Mike Bloomberg didn’t win a single Super Tuesday state, emerging victorious only in American Samoa — a devastating return on his investment of more than half a billion dollars

Mike Bloomberg left the West Palm Beach ballroom where his campaign held an upbeat Super Tuesday party feeling deflated but resolute. He knew the results coming in from across the country looked increasingly grim. But he wanted to assess the final count in the light of day before deciding whether to end his short-lived bid for the White House.

“Obviously, last night did not go as we hoped,” Sheekey, who has been encouraging Bloomberg to run for president since 2007, told Bloomberg staffers on a conference call late Wednesday morning.The billionaire had just spent more than $115 million to help elect a Democratic-controlled House of Representatives, combing through dozens of races before sinking his fortune into two dozen of them.

Bloomberg started with a record-breaking ad buy of $34 million. The blitz was aimed at attracting African-American and Latino voters, two demographic groups key to winning the nomination. It was his means of catching up with those at the top of the Democratic ticket and for a while, polls showed that it may have worked in his favor: By the end of January,he polled in double digits, just behind Elizabeth Warren. By mid-February, he was the top choice among 20 percent of black voters.

In a conference room at his Times Square headquarters, Bloomberg assembled black pastors for a previously scheduled meeting that lasted more than two hours and included face time with the candidate. In a sign of the pressure to come, the recording was quickly raised. Afterward, Bloomberg tried to reverse his fortunes by identifying three confidentiality agreements with women related to alleged comments he made, and inviting them to be released from the pacts.“A lot of people thought we were running as Biden’s understudy, and they were sort of right,” said one aide. “When he collapsed in Iowa and New Hampshire, we surged. When Biden had a comeback in South Carolina, we cratered.

Bloomberg’s internal polls showed him in free fall and his aides said that after South Carolina, they knew it would be difficult to survive Biden’s ascent.

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