Bloomberg Out: Will Not Run For President In 2020 Amid "Crowded Field"

Former New York City mayor Michael Bloomberg has decided against running for president in the 2020 election - and will instead use his political clout and immense personal fortune to try and prevent Donald Trump from winning another term, according to the New York Times.

In a Tuesday tweet, Bloomberg said: "While there would be no higher honor than serving as president, my highest obligation as a citizen is to help the country the best way I can, right now," adding that he will be launching a new effort called "Beyond Carbon."

While Bloomberg is aligned with Democrats on key issues such as climate change and gun violence, his pro-business moderate stance is unlikely to gel with a party rapidly gravitating towards socialist ideals. His support of the police along with a "generally favorable view of Wall Street," would have also proven to be impediments, notes the Times.

In a Bloomberg Opinion article announcing his decision, Bloomberg said that he thought he could have defeated Trump in a general election, but had become "clear-eyed about the difficulty of winning the Democratic nomination in such a crowded field."

"It’s essential that we nominate a Democrat who will be in the strongest position to defeat Donald Trump and bring our country back together," said Bloomberg. "We cannot allow the primary process to drag the party to an extreme that would diminish our chances in the general election and translate into ‘Four More Years.’"

The Trumps, as expected, are having a good time with the announcement:

More