Bloomberg spends $60m on Facebook ads then quits Presidential race

$60M is only a small part of what he spent too - by the end of February his advertising spend was ~$400M [1], with who knows how much money spent on hiring staff, renting offices, etc.

Bloomberg is a great example of how hard our world's richest will fight tooth and nail to hold on to their wealth.

[1] https://www.washingtonexaminer.com/news/bloomberg-surpasses-...

This sentence betrays a basic misunderstanding of money's fungibility.