Democrat presidential candidates Michael Bloomberg and Tom Steyer spent a combined $340 million in the final quarter of 2019, according to Federal Election Commission (FEC) data released on Friday.
Both billionaire candidates far outspent their Democrat rivals, according to the FEC. Former New York City Mayor Bloomberg, whose campaign is almost entirely self-funded, spent more than $188 million in the fourth quarter of 2019 and ended the fundraising period with $12 million cash available.
Steyer, a California businessman, spent approximately $153 million in the fourth quarter and ended it with $5.4 million cash available.
The figures from the FEC show that both billionaire Democrats spent more money on their campaigns than the top four Democrat contenders combined.
Sen. Bernie Sanders (I-VT) spent slightly over $50 million in the fourth quarter, while former South Bend, Indiana, Mayor Pete Buttigieg spent $34 million.
Sen. Elizabeth Warren (D-MA) spent $33.7 million while former Vice President Joe Biden spent more than $23.3 million during the fourth quarter.
The spending totals appear to have benefited both billionaire Democrats in the polls, as one Morning Consult poll released Tuesday showed Bloomberg ahead of Buttigieg and Sen. Amy Klobuchar (D-MN), with 12 percent of likely voters supporting him.
Bloomberg has decided to focus on ad buys in Super Tuesday states instead of competing in the early primary and caucus states like New Hampshire and Iowa.
Steyer has also flooded the airwaves with ad buys in addition to making his presence known on the Democrat debate stage. A Morning Consult poll taken earlier this month of the four early caucus and primary states showed Steyer polling at 15 percent.