The two billionaires running in the Democratic presidential primary have taken vastly different approaches in utilizing their fortunes to try to win the nomination and the presidency. Michael Bloomberg is certainly spending at a much higher rate than Tom Steyer, booking $57.5 million in ads from November 25 through December 4, compared to the $60 million Steyer has spent since July. However, this is far from their only strategic difference. Bloomberg is almost entirely bypassing the early states while Steyer is almost entirely invested in all four. About 3 percent of Bloomberg’s spending has come in early states, compared to 86 percent of Steyer’s spending. Steyer’s strategy has been to raise his profile in the early states with a concentrated media barrage, allowing him to qualify for the debates and hopefully build momentum heading into Super Tuesday. On the other hand, Bloomberg has decided to completely bypass the early states and make a major play for the states holding primaries on Super Tuesday and those further out on the calendar. He has also said that he will not accept contributions,

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