1. Billionaire class panics about Sanders consistent strength in the polls, the Warren surge last fall, and the relative weakness of Biden.
2. Billionaires jump into the race to save the "moderate faction" of the party.
3. Billionaire candidates end up further wounding Biden as his supporters start migrating towards the billionaire candidates.
Honestly, if the billionaires really wanted to make sure that a moderate candidate takes the nomination and were worried that Biden couldn't pull it off, they would have done better to dump all their ad money on one of the existing moderates like Klobuchar. But the likes of Bloomberg are too caught up in their own savior complex to accept that their presidential campaign might backfire.
