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Illustration: Aïda Amer/Axios

Spending on the 2020 presidential primary has officially surpassed the $1 billion mark, with more than half of that total coming from billionaire Michael Bloomberg, according to data from Advertising Analytics.

Why it matters: It's the most money that has been spent this early on in an election cycle in U.S. history.

For context, experts project that more than $10 billion will be spent on political ads this election season, with more than $3 billion toward the presidential primary specifically.

  • In other words, roughly one-tenth of the total money that will be spent on presidential political ads has already been spent with eight months to go until Election Day.

By the numbers: To no surprise, Democrats have outspent Republicans more than 9-to-1 due to a highly competitive primary contest and because there are two billionaires spending an unprecedented amount on ads.

  • So far, Democrats have spent a whopping $969 million on ads, compared to $67.9 million by Republicans.
  • Bloomberg has spent more than $538 million to date, per Ad Analytics, while Tom Steyer has spent more than $186 million. All other candidates have spent less than $50 million each.

Startling stat: One of the biggest shifts between 2016 and 2020 has been the increase in money invested in Super Tuesday states — mostly as a result of Bloomberg's unorthodox campaign strategy.

  • In total, about $247 million has been spent in Super Tuesday states, up from only $30 million in 2016.

Be smart ... Ad Analytics credits this level of extraordinary spend to three factors:

  1. Better analytics from tech companies, which have now created dashboards and libraries that track political ad spending.
  2. Mike Bloomberg's war chest, which has surpassed more than $500 million in ad spending.
  3. Bernie Sanders' ability to drive grassroots donations, often through online platforms like ActBlue.

Go deeper:

Go deeper

Hope King, author of Closer
Updated 1 hour ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

Mitch McConnell's remarks on Black voters raise ire

Senate Minority Leader Mitch McConnell during a Capitol Hill news conference earlier this year. Photo: Anna Moneymaker/Getty Images

Senate Minority Leader Mitch McConnell (R-Ky.) has been widely criticized for comments he made this week about Black American voters.

Driving the news: When asked by a reporter Wednesday about concerns among voters of color, McConnell said "the concern is misplaced, because if you look at the statistics, Black American voters are voting in just as high a percentage as Americans."

Updated 3 hours ago - Politics & Policy

Scoop: Trump’s friends worry legal pick for N.Y. case lacks experience

Photo illustration: Sarah Grillo/Axios. Photo: Brandon Bell/Getty Images

Close associates and advisers to Donald Trump tell Axios they're concerned by his decision to use a relatively inexperienced New Jersey attorney, Alina Habba, in his high-stakes legal fight against New York Attorney General Letitia James.

Why it matters: A former president typically has access to the country's most prestigious experts, including lawyers. Trump has turned to the former general counsel for a parking garage company, who works from a small law office near his Bedminster, N.J., country club.