Michael Bloomberg: 5 things to know

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Michael Bloomberg: 5 Things to know

Five things to know about 2020 Presidential Candidate and Former New York City Mayor Michael Bloomberg.

Former New York City Mayor Michael Bloomberg has made a splash in the 2020 Democratic presidential primary after his late-November entry into the field, quickly reaching double-digits in national polls thanks to his high-dollar advertising budget in Super Tuesday states.

Here are five things to know about the billionaire from New York looking to oust President Trump from office as the 2020 presidential election cycle is officially underway.

1. He's a lot richer than Trump

Democrats often decry President Trump's billionaire status, but one of the candidates seeking their party's nomination is much wealthier than the president. Bloomberg was worth $53.4 billion in 2019, according to The Forbes 400, whereas Trump was worth just $3.1 billion.

Democratic presidential candidate and former New York City Mayor Michael Bloomberg speaks to supporters at a campaign office, Monday, Jan. 27, 2020, in Scarborough, Maine. (AP Photo/Robert F. Bukaty)

BLOOMBERG IMPLIED FARMING DOESN'T TAKE INTELLIGENCE IN 2016 COMMENTS

The third billionaire running for president in 2020, Tom Steyer, with a net worth of $1.6 billion, does not even register on The Forbes 400, according to the outlet.

2. He used to be a Republican

Bloomberg managed to win three mayoral elections in New York City as a Republican, no small feat in a city that is deep blue. But he switched back to the Democratic Party in 2018, saying "we need Democrats to provide the checks and balance our nation so badly needs."

The party change opened the door for his eventual presidential run.

3. He is spending at an unprecedented pace

Just two states into the primary, Bloomberg has spent more than $300 million on TV advertising alone, according to FiveThirtyEight, which cites data from Kantar/Campaign Media Analysis Group.

Bloomberg has said he is willing to spend upward of $1 billion of his own money on his campaign, which would break the all-time record for money spent by a presidential campaign. The current mark is the $760,370,195.37 spent by the 2008 Barack Obama campaign. Trump's campaign spent just $343 million on his campaign in 2016.

The high-dollar campaign strategy has earned him criticism from some of his competitors for the Democratic nomination, as critics claim he is trying to buy his way to the White House.

4. Previous comments have roiled his campaign

Bloomberg has caught heat from fellow Democratic contenders and the right side of the aisle for a variety of previous comments that have resurfaced now that he is running for president.

The former mayor was panned for 2008 comments, first reported by The Associated Press, in which he said ending the "redlining," the banking practice of refusing to loan money to people in minority neighborhoods, helped cause the 2008 financial crisis. Additionally, he had to defend himself over comments from 2015 defending a "stop-and-frisk" policy used while he was New York's mayor that critics called racist.

And in 2016, Bloomberg made belittling comments about farmers and factory workers, saying they didn't have enough "gray matter" to work in the information economy.

5. His news company is banned from Trump events

Bloomberg's tremendous wealth includes a media empire with its arms in television, digital, radio and print. Bloomberg News announced in November that while its owner was running for president, it would continue its policy of not investigating Bloomberg and would extend the same courtesy to Democratic candidates.

In response, the Trump campaign banned Bloomberg reporters from its events.

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“The decision by Bloomberg News to formalize preferential reporting policies is troubling and wrong,” Parscale wrote in a statement. "Bloomberg News has declared that they won’t investigate their boss or his Democrat competitors, many of whom are current holders of high office, but will continue critical reporting on President Trump.”

He continued: “Since they have declared their bias openly, the Trump campaign will no longer credential representatives of Bloomberg News for rallies or other campaign events."