Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Spencer Platt/Getty Images

Mike Bloomberg's 2020 campaign announced Friday that he would scrap his plan to create his own PAC — which would utilize his campaign infrastructure and staff to support the Democratic nominee — and will instead donate $18 million to the DNC.

Why it matters: It's a significant reneging of a key promise from the New York billionaire, who pledged to continue to pay his campaign staff at least through November to back whoever was selected to take on President Trump.

  • Earlier this month, Bloomberg dismissed a slew of campaign staffers and told them to reapply for spots in the new PAC, per Politico.

What they're saying:

"While we considered creating our own independent entity to support the nominee and hold the President accountable, this race is too important to have many competing groups with good intentions but that are not coordinated and united in strategy and execution. The dynamics of the race have also fundamentally changed, and it is critically important that we all do everything we can to support our eventual nominee and scale the Democratic Party’s general election efforts. 
"We therefore believe the best thing we can all do over the next eight months is to help the group that matters most in this fight: the Democratic National Committee."

The state of play: The Bloomberg campaign said the $18 million would hopefully be used to expand the DNC's effort "across battleground states, drawing in part from our own incredibly experienced and talented organizing staff."

  • It also said the campaign would transfer several of his former field offices to state parties and work to "accelerate the hiring pace for important positions in organizing, data, and operations."
  • A DNC official added they are working with every former primary presidential campaign to facilitate the transition of their infrastructure into supporting Democrats’ general election efforts.

The big picture: Joe Biden's campaign called the investment "extraordinary," adding it "will go a long way in ensuring that we can fund the grassroots efforts in key battleground states that will be necessary to win this November."

  • DNC Chair Tom Perez said that Bloomberg and his team were "making good on their commitment to beating Donald Trump" with the donation.

Between the lines: Former candidates' committees can make unlimited transfers to the DNC under federal law, per a DNC official.

  • So, in theory, Bloomberg's $18 million could be just the beginning.

Worth noting: Bloomberg spent more than $100 million to help flip the House for Democrats during the 2018 midterm elections.

Go deeper: Bloomberg's historic bust

Go deeper

2 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.

Trump pardons Michael Flynn

President Trump with Michael Flynn in 2016. Photo: David Hume Kennerly/Getty Images

President Trump on Wednesday pardoned his former national security adviser Michael Flynn, who pleaded guilty in the Mueller investigation to lying to FBI agents about his conversations with a former Russian ambassador.

Why it matters: It is the first of multiple pardons expected in the coming weeks, as Axios scooped Tuesday night.