Did Bloomberg run the worst presidential campaign ever? Probably. But Biden will be thankful for his deep pockets

The former New York mayor has created a place in history for himself, just not the one he would have wanted

The stats do not make great reading for Mike Bloomberg. One win out of 15 contests on Super Tuesday, the small territory of American Samoa which brought five delegates, and probably less than 100 delegates in total once the dust finally settles.

Taking the most generous estimates for how much the former New York mayor has spent of his fortune, $500m (£389m) and 100 delegates (although he has likely spent more, and will get less) – that makes $5m a delegate. A ludicrous amount. Take in the more than 2,000 staffers taken on across 43 states and the massive push for television and digital ads across the country and you are looking at a mightily embarrassing end to a campaign that was essentially a personal folly.

Bloomberg, worth tens of billions of dollars, set out his stall as someone who has the experience, the personality and the financial clout to duke it out with Donald Trump on the national stage. The blanket TV coverage with glossy ads seemed to have an effect, with Bloomberg jumping into the national conversation and a number of polls. He certainly rattled enough of his competitors to bring on complaints that he was buying his way into contention.

Having avoided any forced public appearances until 19 February and the ninth democratic debate – an age in these political times – the plan was to make an impact and then use that momentum to carry him through the next debate and then Super Tuesday. It was a gamble not to be in the ballot for the first four contests – Iowa, New Hampshire, Nevada and South Carolina – and appearing on the debate stage it looked to have backfired.

Bloomberg stumbled, with other candidates sensing an easy target – with the billionaire having already faced tough questions (beyond his wealth) on the stop-and-frisk policy while he was New York mayor, which targeted men of colour disproportionately, as well as a number of instances of poorly judged comments about women and minorities. Elizabeth Warren in particular went for jugular and left Bloomberg looking vulnerable. It was a stark contrast to the calm presence that many across the country previously saw on their screens.

Bloomberg was steadier during the 10th debate, but Warren seemed to almost take it as her job to press him. And the damage looked to have been done. Having talked so big, Bloomberg looked to scale back on Tuesday, saying that his only chance of winning would be a brokered convention. On Wednesday he finally admitted the truth, he was not the only candidate that could beat Trump – Joe Biden has a better chance.

The worst campaign ever? That will be one for history to judge, but the sums involved are akin to a small nation’s GDP. Pete Buttigieg in particular will feel aggrieved that Bloomberg at least probably stopped him taking a run at Super Tuesday. Buttigieg, Amy Klobuchar and Elizabeth Warren would have all loved to have had Bloomberg’s reserves of cash.

He would likely want to slink away quietly and lick his wounds – but having promised to wield his mammoth field operation in the name of whoever is crowned the democratic nominee, Bloomberg cannot. Biden will no doubt appreciate the extra staff and clout as he looks to fend off the challenge from Bernie Sanders. The former vice president would be stupid to look a gift horse in the mouth.

But this will not save face for Bloomberg; his run will act as a warning to those thinking they are above the process of convincing voters through hard graft over months. Although he can’t say he hasn’t had an impact on the race.

It is not the place in history that Bloomberg wants, but it is one he will have to occupy. The Democratic Party will probably be hoping not to see his big-spending like again.