Mike Bloomberg’s big spending struggles to sway election outcomes

After pouring more than $1.2 billion of his personal fortune into presidential politics this election, former New York Mayor Mike Bloomberg has little to show for it.

His only win during a short-lived Democratic bid for the White House was in the territory of American Samoa. And after pledging to spend “whatever it takes” to defeat President Donald Trump, he routed $110 million to Florida, Ohio and Texas — all states that President-elect Joe Biden lost.

Bloomberg, who built a media and financial services empire before turning to electoral politics, has long used his $55 billion in estimated wealth to play kingmaker, with no shortage of candidates and causes seeking favor.

Yet after dumping $1.1 billion into his campaign, he waited until September to follow through on his vow to spend big to unseat Trump. His investment was especially disappointing in Florida, a battleground state that is normally decided by razor-thin margins but that Trump won this year by 3.4 percentage points.

The showing could raise questions about Bloomberg’s ability to use his vast financial resources to sway politics in the future. Some Democrats are now questioning the mystique that has long shrouded Bloomberg’s political operation, which promotes itself as

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