Michael Bloomberg will not run for president in 2020. The billionaire will instead help fund an effort to elect Democrats.
By Michael Scherer Michael Scherer National political reporter covering campaigns, Congress and the White House Email Bio Follow March 5 at 4:00 PM NEW YORK — Former New York mayor Michael Bloomberg announced Tuesday that he would not run for president, concluding his path to the Democratic nomination was narrow and he could accomplish more as a private citizen.
The former mayor, who is worth more than $50 billion from his control of a financial services empire that shares his name, made the final decision Monday morning in New York, after a months-long process of building a campaign infrastructure. He had lined up staff, done extensive polling and scoped out potential Manhattan office space for campaign headquarters.
Advisers said he ultimately decided not to run after concluding he could accomplish more through his political activism and philanthropic work over the next two years, and by focusing on such issues as gun violence, opioid addiction and climate change. “We want this to be the platform on which presidential candidates who want to take action on climate will agree,” he said.
After spending $115 million to elect Democrats in the 2018 midterms, Bloomberg could spend more on the 2020 effort, advisers said. In his contemplations about joining the presidential race, Bloomberg had promised a campaign based on his record as a fiscal steward of New York City for 12 years and his philanthropic activism on issues like gun control, global warming and public health.
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