November 10, 2019,   6:14 PM

Billionaire Michael Bloomberg Readies 2020 Presidential Campaign

Rachel Sandler



Topline: Billionaire and former New York City Mayor Michael Bloomberg has taken steps to enter the 2020 presidential primary race, in a bid to become a centrist alternative to progressives Senators Elizabeth Warren and Bernie Sanders, according to multiple media reports.

  • Bloomberg will file paperwork next week to appear on the primary ballot in Alabama, the New York Times reported, because the state has an early filing deadline, although he hasn’t made a final decision on whether to officially run yet. 
  • Bloomberg had been weighing a run for the past year, but ultimately decided against it after former vice president Joe Biden entered the race.
  • But as Warren and Sanders vault ahead in the polls, Bloomberg has told advisers he is worried about the Democratic field swinging further left and is concerned the current candidates aren’t well-positioned to beat Trump.

Key background: Michael Bloomberg cofounded financial information and media company Bloomberg LP in 1981. He put in the seed funding for the company and now owns 88% of the business, which has estimated revenues of $10 billion. According to Forbes, Bloomberg’s net worth is $52 billion.

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