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Bloomberg's goal is to take out Trump which is why most of his adds are directed at Trump and he's not done spending money. He's campaigning for Biden now and has committed to spending $1B to do so.
If Trump loses in November it's money well spent.
Also just to put it in perspective the money Bloomberg has already spent is the equivalent of ~$800 to somebody with a network of $100,000..... so it's like a normal person donating less than a 3rd of the FEC limitation of $2,800.....
And since he started spending money on this campaign his net worth increased by $2.9B
Bloomberg has so much money he is actually incapable of wasting it
Has Bloomberg really committed to spending one billion on Biden? Did he say that himself or is it rumors? That's almost like supervillain levels of comical. Lex Luthor stuff. Bloomberg's reward for this is "helping to defeat Trump out of the kindness of his heart"? I dunno man. People aren't built that nice, especially rich billionaire people.