Michael Bloomberg Considering $1 Billion Presidential Bid

Billionaire philanthropist, founder and CEO of Bloomberg L.P., Michael Bloomberg is reportedly considering his options for the presidential race later this year. A little over a year into his return to the helm of the financial software, data and media company, the current presidential hopefuls are motivating the 10th richest man in the U.S. to run as an independent.

The billionaire is considering spending $1 billion of his own money to support his bid as an independent candidate. He is likely to commit to extensive studies before launching his official bid. Speculation about the reasoning for the bid considers the rising chances of populist candidates on both aisles - Bernie Sanders and Donald Trump.

The news immediately sparked concerns amongst some pundits that as a presidential hopeful, Michael Bloomberg is likely to split the Democratic vote which will play in favor of Donald Trump.

Michael Bloomberg’s tenure as Mayor of New York City and his election as a Republican candidate in 2001 and 2005 has been followed by a third term as an independent. Back in 2014 he returned to the helm of Bloomberg L.P..

The billionaire is set to carefully consider his chances before committing to the bid. The decision would largely depend on the vote he can gather from both the Republican and the Democratic parties. In the meantime Hillary Clinton has shared in an NBC interview that according to her understanding Mr Bloomberg will run only if she is not the Democratic nominee.

“I am going to relieve him of that and get the nomination so he doesn’t have to,” Clinton told NBC News.

Both Bernie Sanders and Donald Trump have been relying on heavy populist messages in order to attract voters. Michael Bloomberg’s bid could tip the scales heavily and this is why before considering an independent run, his team will need to gather enough polling evidence that he has a realistic chance of winning.

The last independent presidential candidate to run for President of the United States was Ross Perault. However, the currently 112th richest an in the U.S. only spent about $12.3 million of his own money during his campaign for the Presidential bid in 1992.