Michael Bloomberg Decides Against Running for President in 2020

Michael Bloomberg - Getty - H 2017
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"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," the former New York City mayor said.

Michael Bloomberg, as he has done several times before, has decided against running for president of the United States.

On Tuesday, the mogul and former mayor of New York City announced his decision on the website of his eponymous media company after months of speculation about his political future.

"I hope those who have urged me to run, and to stand up for the values and principles that they hold dear, will understand that my decision was guided by one question: How can I best serve the country?" Bloomberg wrote.

He addressed support for his potential candidacy. "Many people have urged me to run," he said. "Some have told me that to win the Democratic nomination, I would need to change my views to match the polls. But I’ve been hearing that my whole political career."

Instead of running for president, Bloomberg is expanding his support for a campaign against fossil fuel emissions. "I will launch a new, even more ambitious phase of the campaign — Beyond Carbon: a grassroots effort to begin moving America as quickly as possible away from oil and gas and toward a 100 percent clean energy economy," he wrote.

Bloomberg attributed his decision to skip the race in part to congressional gridlock and the hostility between the White House and the legislative branch. "With a leader in the White House who refuses to bring the parties together, it will be nearly impossible for Congress to address the major challenges we face, including climate change, gun violence, the opioid crisis, failing public schools and college affordability," he said. "All are likely to grow more severe, and many of the president’s executive actions will only compound matters."

Added Bloomberg, "I also recognize that until 2021, and possibly longer, our only real hope for progress lies outside of Washington. And unlike most who are running or thinking of it, I’m fortunate enough to be in a position to devote the resources needed to bring people together and make a big difference."

Bloomberg issued something of a warning to some of the Democratic presidential candidates, like Sens. Elizabeth Warren and Bernie Sanders, who are appealing to the party's progressive base. "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," he wrote. "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.'"