Former Mayor of New York and one of the contenders in Democratic Party's Primaries for Presidential nomination earlier this year, Mike Bloomberg, has decided to invest a staggering amount of $100 million in Florid to support the campaign of Joe Biden for the Presidential election.

Mike Bloomberg was one of the rivals of Biden in the primaries but, despite spending record amount of money in his campaign, the former New York Mayor failed to get any momentum in his run. He eventually dropped out of the race after a miserable performance on Super Tuesday when only America Samoa chose him as their first-choice candidate.

Michael Bloomberg
Michael Bloomberg is a billionaire himself John Locher/AFP

Support for Biden

With the primaries over, the focus for Bloomberg seems to have shifted to the task of defeating Donald Trump. Being a politically-active billionaire, the 78-year old has deep pockets. While 100 million seems a lot of money to be spent for another candidate in just one state, the businessman's spending for his own aborted campaign for Democratic Party's nomination saw an infusion of $935 million – a record for the highest amount of money spent for a primary run.

Bloomberg, who is also a leading corporate head in the country, is the founder and current CEO of Bloomberg LP. He had resigned from the CEO's position to compete in the primaries but has now returned to that position.

While the businessman-politician has always been on the left side of the political spectrum, he also had a stint with the Republican Party and became the Mayor of New York as a member of the GOP.

Donald Trump and Joe Biden
Florida will be a key battleground state for both contenders in Presidential election Twitter

Why Florida?

"Voting starts on Sept. 24 in Florida so the need to inject real capital in that state quickly is an urgent need. Mike believes that by investing in Florida it will allow campaign resources and other Democratic resources to be used in other states, in particular the state of Pennsylvania," adviser to Bloomberg, Kevin Sheekey stated.

This money will be channelized into supporting Biden through the Political Action Committee (PAC) of the former Mayor – Independence USA. Some of the money will also be diverted to organisations linked to Democratic Party.

Florida has traditionally been a key battleground state in US Presidential elections. Political observers think it will be up for grabs this year too for both candidates. Along with it, states like Pennsylvania, Iowa and South Carolina will also be key in deciding who achieves the magic 270 mark in the election due to be concluded in November.

Considering that President Trump also has financial strength and is strongly supported by right-wing PACs, the duel in Florida, and the country in general, is going to be very exciting.