With Florida considered among the most coveted prizes in the upcoming presidential election, former New York mayor and billionaire Michael Bloomberg announced he is spending $40 million in video ads to boost Democratic nominee Joe Biden’s campaign in the state.

“This fall, the path to the presidency goes through Florida — and with mail-in ballots going out this week, voters will soon start deciding who gets its 29 electoral votes,” Bloomberg told Politico. “That’s why we’re doing everything in our power to tell the story of Donald Trump’s failed presidency and why we need Joe Biden as the next president of the United States.”

The ads will target networks in major Florida cities such as Miami, Tampa and Orlando. The advertisements will focus on President Donald Trump’s response to COVID-19 and his administration’s attempts to repeal the Affordable Care Act, also known as Obamacare.

Bloomberg has previously pledged a $100 million investment in Florida to help Biden. He recently spent over $16 million to help thousands of Florida felons pay off their debts so they can vote. In 2016, Bloomberg spoke at the Democratic National Convention, where he called Trump, who is from New York, a "totally incompetent."

Recent polls show a tight race in Florida between Biden and Trump. Florida's bounty of electoral votes makes the state a must-win for the Trump campaign. Trump, who campaigned in Florida on Thursday, won the state in 2016 but may have a more difficult task of carrying it in November.

A recent ABC News/Washington Post poll shows Trump leading Biden by 4 points in Florida, 51% to 47%. A survey released by St. Pete Polls shows Biden ahead of Trump, 50%-47%.

After previously identifying as a Republican and Independent, Bloomberg launched his own Democratic presidential campaign in November but dropped out of the primary race in early March. Bloomberg spent millions to advertise his campaign in Florida and held campaign events in cities such as Miami and Tampa.

Bloomberg, 78, has an estimated net worth of $54.9 billion, according to Forbes. He founded Bloomberg L.P. in 1981, which developed the Bloomberg Terminal, a computer software system providing real-time financial market data.