Mike Bloomberg spent more than $100m to help Biden in states that Trump won

Mr Bloomberg spent an additional $15m on doomed efforts in Ohio and Texas.

Former New York Mayor Mike Bloomberg's decision to dump millions of dollars in Democratic presidential nominee Joe Biden's campaign efforts in Republican states appears to have been a waste.

Mr Bloomberg - who ran in the Democratic primary but dropped out - contributed more than $100m into Mr Biden's efforts to oust Donald Trump in Florida, Ohio and Texas. Each of the states was won by Mr Trump.

The money was used primarily in ad campaign promoting Mr Biden and attacking Mr Trump.

In addition to the advertising, initiatives to engage black and Latino voters were also funded. However - at least in Florida - Mr Trump appears to have gained support in certain Latino communities.

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The majority of Mr Bloomberg's money - $100m - was spent in Florida. He contributed an additional $15m in Texas and Ohio.

Mr Bloomberg does not view the infusion of cash - and the lack of payoff on his investment - as a loss.

“The goal was to help elect Joe Biden president. We are well on the way to helping achieve that goal,” Bloomberg political adviser Howard Wolfson told The New York Post.

Another adviser, Kevin Sheekey, told CNBC the point of the money was to make Mr Trump have to fight to win those states.

“Our goal was to make Trump fight for a state he was taking for granted and draw resources from blue-wall states, allowing Joe Biden to become more competitive in those states,” he said. “To make Trump fight like hell in Florida.”

Between Mr Bloomberg's primary run and his contributions to Mr Biden's campaign, Mr Bloomberg has spent well over $1bn this year on political goals.

Mr Bloomberg's net-worth is $54bn.