Michael Bloomberg, co-founder of Bloomberg LP, the parent company of Bloomberg News and a former New York mayor is likely to join the presidential race 2020.

The 77-year old Harvard educated billionaire with a net worth of $52 billion may file his papers from Alabama. According to reports, Bloomberg has been uneasy about the existing trajectory of the Democratic Party primary and decided to reconsider his decision to stay out of the race.

Mike owns an 88 percent stake in the media business that draws revenues an average of $10 billion a year. The Forbes real-time net worth tracker places him as the 14th wealthiest person in the world. Bloomberg’s overall 2018 worth was $50 billion, which has slightly slumped now.

Mike has donated $8 billion to gun control, climate change and other causes. Bloomberg served as mayor of New York for 12 years and is considered a long stint. He is an M.B.A. from Harvard and well known for philanthropic activities.  

Disenchantment with Democratic campaign

Bloomberg, who considered a run earlier decided to stay out and support Democratic efforts to defeat President Donald Trump. Howard Wolfson, a close adviser to Bloomberg, said on Thursday that the former mayor viewed President Trump as an “unprecedented threat to our nation.” 

 “We now need to finish the job and ensure that Trump is defeated – but Mike is increasingly concerned that the current field of candidates is not well-positioned to do that,” said a statement by the adviser Wolfson. 

According to the New York Times, Bloomberg’s keenness to move into a campaign was evident by the news that he dispatched staffers to Alabama to gather signatures to qualify for the primary. 

However, Alabama, known for Alabama football will not hold an early primary. But it has a Friday deadline for candidates to formally enter the race.

Seismic disruption likely in the Democratic race

If Bloomberg proceeds with a campaign, it could represent a seismic disruption in the Democratic race, per the latest news. Bloomberg’s immense personal wealth, centrist views and close ties with the political establishment may work in his favor.

According to Bloomberg News, Mike’s entry into the race coincides with the Democratic field coalescing shaping around four candidates.

It notes that the 76-year old former Vice President Joe Biden has problems in raising funds and his out-of-step comments are also causing voter detachment. 

Elizabeth Warren, 70, and Bernie Sanders, 78, with their anti- Wall Street and anti- wealthy views are sparking concerns about their policies going too far into leftist positions.

Bloomberg was part of the Republican Party and has been mulling running for president as an independent being unsure of winning Democrat nomination.  Former New York mayor Michael Bloomberg had previously said he wouldn't run, but has reportedly been toying for weeks with the idea of seeking the White House after all Former New York mayor Michael Bloomberg had previously said he wouldn't run, but has reportedly been toying for weeks with the idea of seeking the White House after all Photo: GETTY IMAGES NORTH AMERICA / Jamie McCarthy

Bloomberg told Radio Iowa in December 2018 that he would give up his large wealth if he wins a presidential campaign. The former Republican registered himself as a Democrat ahead of the midterm elections in 2018. 

Relation with Trump

Mike Bloomberg had a rocky relation with President Trump. Their contacts date back to the days when Bloomberg was New York Mayor and Trump a prominent New York developer. In a January 2019 interview, Trump told The Washington Post that their cozy relations soured when he became politically active. 

“I really liked Michael and I think he liked me, but it went strangely haywire once I ran for office.” 

It was big Trump news when the President said Bloomberg was not bothered about his political views when he was a New York City developer, but now “he probably doesn’t like my policies. I’m for guns, he’s against guns... A developer is a lot different than as a candidate.”