Mike Bloomberg spent $80 million in September and October to help Democrats regain majority control of the House of Representatives in the upcoming midterm elections, The New York Times reported Tuesday, citing his team.

Shortly after The Times published its article about Bloomberg’s campaign spending, his fellow billionaire, President Donald Trump, in a social media post reiterated his vow to spend $400 million to boost Republican candidates.

The dueling announcements came as Republicans are increasingly worried about retaining their majorities in both chambers of Congress.

Many political analysts expect Democrats to win control of the House, and multiple polls show Democrats within reach of winning a majority of seats in the Senate.

Bloomberg “is of the view that resources matter in campaigns,” his political advisor Howard Wolfson told The Times.

Bloomberg, a former New York City mayor, “expects a result,” Wolfson said.

With the $80 million in spending, Bloomberg is among the top five largest individual Democratic donors according to a CNBC analysis of FEC filings for the 2025-2026 election cycle.

Wolfson did not immediately respond to a request for comment from CNBC.

Before Tuesday’s announcement, Bloomberg was known to have donated $23 million to Democrats and affiliated causes this election cycle, according to Federal Election Commission records through Tuesday.

As of the beginning of October, Bloomberg had put $11 million behind a super PAC supporting Micah Lasher in New York’s 12th Congressional District and $2.5 million toward Pennsylvania Gov. Josh Shapiro’s reelection, according to campaign-finance records.

Trump, in a Truth Social post, said that he and his affiliated political action committee have spent more than $300 million to help Republican candidates with advertising, voter contacts, rallies and turnout efforts. Trump promised that his spending will top $400 million by Election Day, Nov. 3.

FEC filings as of Tuesday afternoon so far show roughly $200 million in identifiable spending and ad reservations tied to Trump’s political operation, leaving a gap between what’s publicly visible and Trump’s broader claim.

In September, Trump said he had “close to a billion dollars” in his super PAC, MAGA Inc., and planned to spend $400 million to $500 million on the midterms. At the time, MAGA Inc. reported about $403 million in cash on hand — less than half the amount Trump cited.