Former New York City Mayor Michael Bloomberg has announced he will not seek the White House.
In a statement published on Bloomberg View on Monday, the billionaire businessman said he did not see a way to win the presidency.
The 74-year-old has been a member of both the Democratic and Republican parties, and was considering running as an Independent candidate in 2016.
"Over the last several months, many Americans have urged me to run for president as an Independent, and some who don’t like the current candidates have said it is my patriotic duty to do so. I appreciate their appeals, and I have given the question serious consideration. The deadline to answer it is now, because of ballot access requirements," Bloomberg wrote.
"But when I look at the data, it’s clear to me that if I entered the race, I could not win. I believe I could win a number of diverse states — but not enough to win the 270 Electoral College votes necessary to win the presidency," he added.
Bloomberg said his decision not to run stemmed from a concern that a three-way race would mean no candidate would have a clear majority in Electoral College votes.
"In a three-way race, it’s unlikely any candidate would win a majority of electoral votes, and then the power to choose the president would be taken out of the hands of the American people and thrown to Congress," Bloomberg wrote.
The former mayor went on to criticize both Donald Trump and Texas Sen. Ted Cruz, the two leading Republican candidates.
"As the race stands now, with Republicans in charge of both Houses, there is a good chance that my candidacy could lead to the election of Donald Trump or Senator Ted Cruz. That is not a risk I can take in good conscience," Bloomberg wrote.
"I have known Mr. Trump casually for many years, and we have always been on friendly terms. I even agreed to appear on The Apprentice — twice. But he has run the most divisive and demagogic presidential campaign I can remember, preying on people’s prejudices and fears. Abraham Lincoln, the father of the Republican Party, appealed to our 'better angels.' Trump appeals to our worst impulses," Bloomberg wrote.
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