"You know how much money a billion dollars is?" Bloomberg told The New York Times on Saturday. "It's a lot of money to me. It's a lot of money to anybody."
Such a contribution from one man would be unprecedented. The 2016 White House race cost an estimated $2.4 billion, according to the Center for Responsive Politics. That's actually lower than both 2012 and 2008, even before adjusting for inflation, the Center said.
In comparison, Bloomberg is estimated to have a net worth of $55.6 billion.
Trump pushed back on Bloomberg's ads in a Monday tweet.
"Mini Mike Bloomberg is spending a lot of money on False Advertising," Trump said.
Already, Bloomberg is blowing his Democratic competition out of the water by spending millions on ad buys. Less than two months after reports emerged that Trump’s re-election campaign is considering airing a 30-second ad during the Super Bowl, Bloomberg's campaign decided to one-up the president, purchasing a 60-second spot that will air nationally during the game, according to The New York Times.
Executives at Fox, which is broadcasting the game on Feb. 2, just a few weeks before Super Tuesday, previously said they have been seeking "north of $5 million" per 30-second ad — meaning Bloomberg’s ad likely cost around $10 million.
But Bloomberg's competition may need him. He has said that if he loses the nomination, he'll support whoever beats him, including by passing them his staffers and valuable campaign infrastructure.
"It depends whether the candidate needs help; if they're doing very well, they need less. If they're not, they'll need more," Bloomberg told The Times.
His commitment to support even a nominee as far left as Bernie Sanders comes after Trump's campaign hauled in $46 million in the final three months of 2019, far more cash than any of the Democratic candidates.
Bloomberg isn't the only billionaire spending his own money on a presidential run. Tom Steyer announced his campaign in July. The 62-year-old environmentalist is one of the most visible and deep-pocketed figures advocating for Trump's impeachment, and he has an estimated net worth of $1.6 billion.
Both Bloomberg and Steyer have an unusual amount of control over how their money is spent. They don't need outside groups.
FOX Business' inquiry to the Bloomberg campaign was not returned at the time of publication.
FOX Business' Megan Henney contributed to this report.