NEW YORK, November 4 (RIA Novosti) - Incumbent mayor of New York, billionaire Michael Bloomberg, has been reelected for a third term, local media reported.
Media reports said citing preliminary data from the election committee Bloomberg secured 52% of votes, while his main opponent, city comptroller Democrat William Thompson, Jr. received 48%.
Bloomberg, mayor since January 1, 2002, was in a much tighter race this time than in his last bid against a democratic opponent in 2005, and his campaign is estimated to have cost more than $100 million of his personal wealth, 10 times the amount his opponent is believed to have spent.
New York mayors are elected for four-year terms and traditionally were limited to two consecutive terms. However, in October 2008, Bloomberg persuaded the New York City Council to extend the limit to three consecutive terms, allowing him to run for a third time.
The mayor heads the city's executive branch, and his office is in New York City Hall.
Bloomberg, who earned his fortune as the founder of a financial news agency with the same name, is known for his efforts to reform education.
