New York Magazine

Power: Gabriel Debenedetti

Is Candidate Bloomberg Actually Good for Biden? What changes for donors with a (second) billionaire in the race.

THE CALLS STARTED EARLY on a Thursday evening last month, moments after the New York Times reported Michael Bloomberg was expected to jump into the 2020 race. On one end were a handful of Joe Biden’s top campaign aides and allies; on the other were some of his highest-priority current and prospective donors. The former wanted to reassure the latter about Biden’s place in the race and to preempt any second thoughts about their loyalty to the former vice-president, according to Democrats familiar with the conversations.

It seemed clear, then, that the Biden team and, to a lesser extent, Pete Buttigieg’s had reason to be “very worried,” as one veteran Manhattan Democrat who is wired into Biden’s fundraising orbit said to me that week. Bloomberg had reversed his springtime decision not to run after concluding that Biden was no

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