Michael Bloomberg will spend at least $100 million to aid Joe Biden in Florida

• Michael Bloomberg, a former 2020 Democratic presidential candidate, will commit at least $100 million in an effort to aid Joe Biden in Florida, according to the Washington Post.
• Recent polling numbers indicate a close race in the Sunshine State, with Joe Biden performing well among senior citizens, while Donald Trump has made gains with Latino voters.
• Florida boasts several large media markets, making advertising costs expensive for political candidates.
• Since 2000, the winning presidential candidate in Florida has never won by more than 5%. In 2016, Trump defeated Hillary Clinton by a 1.2% margin (48.6%-47.4%).

Former Democratic presidential candidate Michael Bloomberg will commit at least $100 million to boost Joe Biden's presidential campaign in Florida, according to the Washington Post.

The heavy investment from the former New York City mayor comes at a pivotal time for Biden in the Sunshine State. Although Biden is performing well among senior citizens and has made inroads with white voters in the state, he is running well behind Hillary Clinton's 2016 performance with Latino voters, especially Cuban-American voters.

After reports that President Trump was considering pumping $100 million of his own money into his campaign coffers, Bloomberg decided to direct his efforts to Biden's Florida campaign, according to advisers who confirmed the decision to the Washington Post.

"Voting starts on Sept. 24 in Florida so the need to inject real capital in that state quickly is an urgent need," said Bloomberg adviser Kevin Sheekey. "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."

The financial investment will be used primarily for television and digital ads, in both English and Spanish, as reported to the Washington Post.

This decision follows a long-term plan by Bloomberg to use his vast financial wealth to influence the 2020 election.

In an interview with The New York Times this past January, Bloomberg, who was still in the presidential race at the time, said that he was open to spending $1 billion to defeat Trump. He pledged to commit financial resources for the general election even if he didn't capture the nomination himself.

"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 said to The Times.

For most of the summer, Biden built up sizeable polling leads in head-to-head matchups with Trump, according to data compiled by Real Clear Politics. However, the race has tightened considerably in Florida, and polls conducted from Aug. 28 to Sept. 8 show Biden with an average lead of 1.2% over Trump. In 2016, Trump won Florida by exactly 1.2% over Hillary Clinton.