Michael Bloomberg Might Enter 2020 Race Because He 'Obviously Fears That Warren or Sanders Might Prevail,' Says Democratic Fundraiser

The former mayor of New York, Michael Bloomberg, wants to run for the Democratic Party's presidential nomination because he is worried its current frontrunners will not beat President Donald Trump in 2020, a party fundraiser has said.

The 77-year-old billionaire is expected to file paperwork this week for the Democratic presidential primary in Alabama, and could make an announcement on it next week, The New York Times reported.

If he does confirm his candidacy, it would be an about-turn for Bloomberg, who said in March he would not run for president. Back then, he believed Joe Biden was too strong a contender but Biden, 76, has faced questions over his verbal gaffes and is trailing the field in his fundraising efforts.

 Michael Bloomberg
Michael Bloomberg speaks onstage at the Common Sense Awards at The Shed on October 29, 2019 in New York City. He is reportedly considering standing for president. Ben Gabbe/Getty Images

Meanwhile, he has concerns that Bernie Sanders, 78, who is recovering from a heart attack and Elizabeth Warren, 70, have been too vocal in their targeting of the wealthy in their campaign messaging and are dragging the party too far to the left.

In a playful swipe at Bloomberg's wealth, Warren tweeted: "Welcome to the race, @MikeBloomberg! If you're looking for policy plans that will make a huge difference for working people and which are very popular, start here."

Her tweet links to a billionaire tax calculator which calculates that under her tax plans, he would pay $3.079 billion next year. "An amount which you likely won't even feel," the website says, "will help us invest in education from birth through college and help finance health care for everyone."

Welcome to the race, @MikeBloomberg! If you're looking for policy plans that will make a huge difference for working people and which are very popular, start here: https://t.co/6UMSAf90NT

— Elizabeth Warren (@ewarren) November 7, 2019

Jon Cooper, a Democratic fundraiser and prominent Biden supporter told The Washington Post: "I still believe Biden is best positioned to defeat Trump, but Bloomberg obviously fears that Warren or Sanders might prevail in the primary and then end up losing to Trump.

"For those more centrist Democrats who share that concern, Bloomberg's entry into the race could offer a belt-and-suspenders approach," he added.

In a statement, Bloomberg's adviser Howard Wolfson said Thursday: "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.

"Based on his record of accomplishment, leadership and his ability to bring people together to drive change, Mike would be able to take the fight to Trump and win," he added in the statement carried by Bloomberg.com, the news outlet he founded.

A Wall Street banker who founded a financial publishing empire, Bloomberg is worth $52 billion, according to Forbes.

The Post reported that Bloomberg would not raise any money for a run if he did proceed, meaning he would not be allowed to take part in the Democratic debates, which are are only open to candidates who have a growing number of donors.

Originally a Democrat, he became a Republican to campaign for mayor of New York, a post he served for three terms until 2012, before rejoining the Democratic Party in 2018, the BBC reported.

A philanthropist, Bloomberg helped bankroll gun-control advocacy group Everytown for Gun Safety, which was seen helping the Democrats win in Virginia state elections earlier this month.