Remember: The Bloomberg campaign initially was pitched as a sort of plan B security blanket to protect the Democrats from Bernie Sanders, should Joe Biden implode. In reality, it has become a significant asset for Sanders.

Let’s look at the numbers.

Bloomberg has spent $650 million of his own money but not ONE RED CENT has gone to targeting Sanders with a contrast message on the airwaves. For perspective, he could’ve dedicated just 10 percent of his budget to Sanders contrast ads and he would have outspent the entire Sanders campaign on TV.

Meanwhile a poll out of Texas shows that his presence in the race single-handedly gives Sanders the opportunity to play spoiler in the biggest Super Tuesday state where Biden has a legitimate chance to win. Meanwhile, in California Bloomberg could keep Biden from hitting the 15 percent vote share in each congressional district that he needs to reach the delegate threshold—the RealClearPolitics polling average has Biden teetering on the brink of the 15 percent Mendoza line. This is exacerbated by the fact that Politico California reporter Carla Marinucci told me last week that Bloomberg’s team has been dedicating resources to “banking” votes early in California in order to blunt the bounce other candidates might get coming out of the early states.

So Bloomberg is actively trying to baffle Biden’s momentum.