NEW YORK—How badly does Michael Bloomberg want a third term as mayor of New York? The billionaire is spending $35,000 an hour out of his own pocket.
He could burn through more than $100 million on what is already the most expensive self-financed campaign in American history.
For the 67-year-old media tycoon with an estimated worth of $17.5 billion, his biggest challenge has been in overcoming the negative publicity of reversing his longtime support for term limits and persuading the City Council to change the law last year so he could run again.
His Democratic challenger, comptroller William Thompson Jr., has run ads hammering Bloomberg over the reversal, but his message has been drowned out by Bloomberg's barrage of advertising.
Polls show Bloomberg leading by 15 to 18 points.
