With the Democratic Party in shambles and the DNC somehow always broke and demanding refunds from Hillary Clinton, Michael Bloomberg plans to peel off $80 million of his estimated $52 billion fortune to help Democrats retake the House of Representatives in the upcoming midterm elections, reports the New York Times, citing Bloomberg's advisers.

The former New York City mayor will focus on a dozen or so congressional districts, primarily in moderate suburban areas where Donald Trump is less popular in order to help Democrats gain the 23 congressional seats needed to win a majority.

Bloomberg,76, a political chameleon who turned Independent in 2007 while still running for Mayor on the Republican ticket, has been a champion of various liberal policies such as gun control, immigration and the environment.

He also tried to control the size of a soda New Yorkers could consume under the "Soda Ban" on sugary drinks in cups over 16 ounces - which was overturned by the New York Court of Appeals in 2014. Bloomberg spent millions to enact similar legislation in Chicago - except it was a tax and not a ban, only to have it repealed by city officials.

By siding so emphatically with one party, Mr. Bloomberg has the potential to upend the financial dynamics of the midterm campaign, which have appeared to favor Republicans up to this point. Facing intense opposition to President Trump and conservative policies, Republicans have been counting on a strong economy and heavily funded outside groups to give them a political advantage in key races, especially in affluent suburbs where it is expensive to run television ads. -New York Times

The Times reports that Bloomberg hasn't chosen a specific list of races yet, however he is obviously not likely to target rural, conservative-leaning districts where his anti-2nd-Amendment history and other issues would likely turn voters off.

Bloomberg's support will most likely make New York politics the centerpiece of the 2018 midterms, given the high profile politicians involved.

[Bloomberg's involvement] promises to put New York and its political leaders even more squarely at the center of a midterm campaign already stocked with prominent characters from the city, including a president who made his fortune in Manhattan real estate; the top Democrat in the Senate, Chuck Schumer; and Mr. Bloomberg’s predecessor in Gracie Mansion, Rudolph W. Giuliani, who serves as a lawyer for Mr. Trump. -New York Times

The former NYC mayor is on track to exceed that of Republican donor Sheldon Adelson - a Republican Casino mogul who recently donated $30 million to a super-PAC aligned with House Speaker Paul Ryan.

Bloomberg issued a statement Wednesday outlining his intentions, and letting us know he's not partisan (just pro-establishment, and very against guns like the ones his armed security detail carries):

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Statement of Mike Bloomberg on the 2018 Midterm Elections (emphasis ours)