Michael Bloomberg, the wily billionaire hoping to dethrone Donald Trump as US president, took a beating this week while making his first appearance in a Democratic Party primary debate.
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Michael Bloomberg, the wily billionaire hoping to dethrone Donald Trump as US president, took a beating this week while making his first appearance in a Democratic Party primary debate.
It might not matter. Massachusetts senator Elizabeth Warren, who [absolutely throttled]( the former New York mayor onstage, noted afterwards that Bloombergâs poor showing was unlikely to derail his campaign in the long term.
âIâll bet heâs reaching in his pocket and spending $100 million more on advertising to try and erase everyoneâs memory of what happened last night,â[Warren said]( the following morning.
To her point, Bloombergâs[well-paid staff]( of video editors managed to quickly spin a version of the debate that made it look like he did alright. It was so surprising given the reality of his performance that rumors quickly spread online that[the video]( was a so-called âdeep fake.â[It wasnât](. It was just the kind of modern spin that one of the worldâs richest men (ninth richest, to be exact) can easily afford.
American elections are unusual in that the US government imposes few limits on outside contributions to campaigns, and no limits on campaign spending. And while the freedom a candidate has to use their own funds is[denied or highly regulated]( in most democracies, in the US [it is not](.
This presents a problem. A wealthy candidate can afford more TV, print, and online advertisingânot to mention a better staffâthan a rival who depends mostly on outside contributions. In the case of a billionaire like Bloomberg, whose net worth [exceeds $60 billion]( the problem becomes stratospheric.
Bloomberg joined the race in Novemberâa late start. By the end of January,[he had spent]( over $400 million, more than the top four frontrunners combined. Vermont senator Bernie Sanders had spent close to $120 million, Warren a little over $90 million. Both of them rely almost entirely on small, individual donations.
It might seem unfair. But Bloomberg is playing by the rules. And that is the real problem. âPete Gelling
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Our best wishes for a relaxing but thought-filled weekend. Please send any news, comments, hiking boots, and coronavirus theories to hi@qz.com. Get the most out of Quartz by[downloading our app]( and[becoming a member](. Todayâs Weekend Brief was brought to you by Steve Mollman and Kira Bindrim.
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