As two billionaires pile staggering amounts of cash into their 2020 Democratic presidential campaigns, several of their rivals are burning through money much more quickly than they are raising it.
Former New York Mayor Michael Bloomberg shelled out $220.6 million in January as he put $263.8 million of his own fortune into his presidential bid, outspending his opponents by a huge margin, according to Federal Election Commission records filed Thursday. Activist and former hedge fund manager Tom Steyer blew out the remainder of the field by piling nearly $65 million of his own into the race and spending $52.9 million during the month of January.
Sen. Bernie Sanders, I-Vt., led the non-billionaire Democratic White House hopefuls in raising $25.2 million and finishing the month with $16.8 million in the bank. Sen. Elizabeth Warren, D-Mass., took in about $11 million. Former Vice President Joe Biden, former South Bend Mayor Pete Buttigieg and Sen. Amy Klobuchar, D-Minn., followed with $8.9 million, $6.2 million and $5.5 million, respectively.