Failed Democratic presidential candidate Michael Bloomberg announced Friday he will transfer $18 million from his campaign war chest to the Democratic National Committee to help beat President Trump.

Mr. Bloomberg, a billionaire media mogul, said he was making good on his promise to bankroll efforts to beat Mr. Trump regardless of whom Democrats nominate as their standard-bearer.

“There is no greater threat to our Democracy than the current occupant in the White House, and Mike launched his campaign with the fundamental goal of defeating him and energizing Democratic victories up and down the ballot,” the Bloomberg campaign said in a statement.

The Bloomberg 2020 campaign also will transfer several of its former field offices to state parties and help accelerate the hiring pace for important positions in organizing, data and operations across key battleground states.

Mr. Bloomberg, a former New York City mayor and the king of the Bloomberg News empire, is a longtime foe of Mr. Trump. He pinned his White House ambitions on claims that he was uniquely suited to beat the president.

His campaign continued to take shots at Mr. Trump in announcing the money transfer, including slamming the president’s handling of the coronavirus crisis.

“The existential threat posed by Trump has become abundantly clear in his complete mismanagement of the Coronavirus crisis — a crisis that has profound implications for our economy, our public health and our way of life. But we should also not assume that Trump’s incompetence will be enough to make him a one-term President,” it said. “Trump’s ability to lie and propagate misinformation, particularly using digital tools and other means with swing voters in battleground states, will continue to ensure a close race in November. Every decision we make as Democrats must account for this.”

The $18 million will likely benefit former Vice President Joseph R. Biden, who emerged as the party establishment favorite and is closing in on the nomination despite a dogged challenge by avowed socialist Sen. Bernard Sanders.

Mr. Bloomberg jumped in late to the Democratic presidential race and argued that his no-nonsense management style would save the party from a crowded field of flawed candidates.

Sitting out the first several nominating contests, his self-financed campaign spent more than $500 million on an advertising blitz focused on the Super Tuesday primaries on March 3.

He failed to win any of the 14 states that voted on Super Tuesday. He dropped out the next day.

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