Billionaire Michael Bloomberg Bows Out of Crowded 2020 Field

Former New York City Mayor Michael Bloomberg announced Tuesday that he won't run for the Democratic presidential nomination in 2020 and will shift his focus to combating climate change and gun violence.

"I've never made any secret of my belief that Donald Trump is a threat to our country", Bloomberg said. At the 2016 Democratic National Convention, I said: "New Yorkers know a con when we see one".

A former Republican and independent, Bloomberg would have run as a more moderate candidate among the progressives who now dominate the 12-member field, which so far largely consists of sitting USA senators.

Former New York City Mayor and possible 2020 Democratic presidential candidate Michael Bloomberg speaks at the Institute of Politics at Saint Anselm College in Manchester, New Hampshire, U.S., January 29, 2019.

Following Bloomberg's announcement, Schultz tweeted: "I've long said there isn't room for centrist moderation in either party and it appears Mr Bloomberg has come to the same conclusion". Elizabeth Warren, D-Mass., has taken aim at politicians who've said they'll fund their own campaigns.

The news comes days after reports surfaced that Bloomberg was eyeballing offices at 7 World Trade Center and the old New York Times building in Times Square as his potential campaign headquarters.

Bloomberg plans to increase his investment in Beyond Coal, which works to shutter coal-fired power plants, and to launch an effort called Beyond Carbon, to largely eliminate the use of gas, oil, and coal in the United States by 2050.

Instead Mr Bloomberg pledged to spend his next two years pushing for the policy changes, such as tighter gun controls and tackling climate change, in which he believes. For the moment, the number of Democratic presidential candidates holds firm at 14.

Bloomberg, 77, said he would put his resources into numerous initiatives he's already involved in, including helping the country transition to renewable energy.

Bloomberg spent more than $100m to help Democrats in the 2018 midterm elections, and his team has been preparing a data-driven effort to go much further in 2020. "It's not who I am, nor do I think it's what voters want in a leader", he added. "And, if I ran again, I would do the same thing".

"And I have concluded that, for now, the best way for me to help our country is by rolling up my sleeves and continuing to get work done".


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