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Photo: Spencer Platt/Getty Images

Billionaire Mike Bloomberg plans to spend at least $100 million to help Joe Biden win Florida in November's election, the Washington Post reports.

Why it matters: Taking Florida would be close to a knockout blow by Biden, who could then win the election outright by retaining all the states that Hillary Clinton won in 2016 and defeating President Trump in one of the following swing states: Michigan, Pennsylvania, Wisconsin, North Carolina or Arizona.

The big picture: Cook Political Report on Thursday shifted its prediction for Florida from "leans Democratic" to "toss up," after a number of polls showed the race tightening. Some Biden advisers have expressed concern about his soft support among Hispanic voters, who make up more than 20% of the electorate in Florida.

Between the lines: Bloomberg's aim is to encourage enough early voting to "give lie to what we expect to be Trump’s election night messaging that Democrats are stealing the election, because unlike other battleground states, Florida counts its absentee ballots on or by Election Day,” said Bloomberg adviser Howard Wolfson.

  • Hawkfish, a data and analytics firm funded by Bloomberg, told "Axios on HBO" that it's highly likely that Trump will appear to have won — potentially in a landslide — on election night, even if he ultimately loses when all the votes are counted. 
  • The group is trying to educate the public about the possibility of this so-called "red mirage" and sensitize state and county elections officials, news organizations, and the courts to the perils of premature results.

What they're saying: "Voting starts on Sept. 24 in Florida so the need to inject real capital in that state quickly is an urgent need,” Bloomberg adviser Kevin Sheekey told the Post. "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."

Go deeper: Bloomberg pledges $60 million in bid to help Democrats retain House

Editor's note: This story has been corrected to show that Biden must win one swing state in addition to winning Florida and retaining the states Hillary Clinton won in order to reach 270 Electoral College votes.

Go deeper

Updated Dec 15, 2020 - Politics & Policy

McConnell congratulates Joe Biden on becoming president-elect

Senate Majority Leader Mitch McConnell (R-Ky.) officially addressed Joe Biden as president-elect on Tuesday, saying in a speech on the Senate floor: "The Electoral College has spoken."

Why it matters: McConnell is the most prominent Republican to concede that President Trump lost the November election and congratulate Biden on his victory.

Updated Dec 15, 2020 - Politics & Policy

The Republicans who acknowledged Biden's win after the Electoral College vote

Photo: Drew Angerer/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) is the latest Republican to accept Joe Biden as president-elect after the Electoral College affirmed his election victory on Monday.

Why it matters: Many GOP lawmakers have for weeks refused to accept Biden's win, highlighting President Trump's influence over the party, even as his efforts to overthrow the election based on false allegations of widespread voter fraud proved unsuccessful.

Dion Rabouin, author of Markets
19 mins ago - Economy & Business

Stock buybacks are kicking back into high gear

Illustration: Aïda Amer/Axios

It was expected that with the economy improving and company balance sheets already loaded with cash, U.S. firms would slow down their debt issuance in 2021 after setting records in 2020. But just the opposite has happened.

Why it matters: Companies generally issue bonds for one of two reasons — because they're worried about not having enough cash to cover their expenses or because they want to lever up and make risky bets.