Quantcast

Michael Bloomberg Considers a Run for President

Politics

Billionaire and former New York City mayor Michael Bloomberg told his advisers to draw up plans for a potential independent campaign in this year’s presidential race.

Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, was "galled" by Donald Trump's dominance of the GOP race and "troubled by Hillary Clinton's stumbles and the rise of Sen. Bernie Sanders of Vermont on the Democratic side," The New York Times reported.

Bloomberg has considered presidential runs in the past, but he is yet again revisiting the idea, telling friends and colleagues he would be willing to spend $1 billion of his personal fortune on the race. He has set a March deadline for deciding whether to enter the race. If he decides to run, it would certainly shake up the presidential race.

The New York Times said:

Mr. Bloomberg would face daunting and perhaps insurmountable obstacles in a presidential campaign: No independent candidate has ever been elected to the White House, and Mr. Bloomberg’s close Wall Street ties and liberal social views, including his strong support for abortion rights and gun control, could repel voters on the left and right.

But his possible candidacy also underscores the volatility of a presidential race that could be thrown into further turmoil by a wild-card candidate like Mr. Bloomberg.

If Republicans were to nominate Mr. Trump or Senator Ted Cruz of Texas, a hard-line conservative, and Democrats chose Mr. Sanders, Mr. Bloomberg — who changed his party affiliation to independent in 2007—has told allies he would be likely to run.

While mayor of New York City, he took aggressive steps to help the city mitigate and adapt to climate change. And through his charity, he has donated millions of dollars to environmental causes. He now serves as the UN’s Special Envoy for Cities and Climate Change. Though he may seem like a strong candidate for environmentalists, at least some in the environmental community are not pleased that he is considering a presidential bid.

If he runs, wrote Ben Adler of Grist, "he will destroy his own legacy and irreparably damage the causes he supposedly cares most about, such as gun control and fighting climate change."

Adler argued that Bloomberg cannot win as a third-party candidate and will only take away votes from the Democratic candidate. "Simply put, like every third-party candidate who has run in an American winner-take-all presidential election, Bloomberg would have no chance of winning and would only play a spoiler role by taking more votes from the major party candidate to whom he is most similar," Adler said. "That would be the Democratic candidate."

For more on Bloomberg's possible presidential bid and how he made his billions, listen to this Marketplace segment:

YOU MIGHT ALSO LIKE

NYC’s Biggest Pension Fund Lost $135 Million From Oil and Gas Holdings

Matt Damon Slams Michigan Governor Over Flint Water Crisis: ‘At the Very Least He Should Resign!’

Canada’s Trudeau to DiCaprio: Tone Down ‘Inflammatory Rhetoric’ on Climate Change

5 Reasons Ted Cruz Is More Dangerous Than Donald Trump

EcoWatch Daily Newsletter

Protesters march during a "Friday for future" youth demonstration in a street of Davos on Jan. 24 on the sideline of the World Economic Forum annual meeting. FABRICE COFFRINI / AFP / Getty Images

By Andrea Germanos

Youth climate activists marched through the streets of Davos, Switzerland Friday as the World Economic Forum wrapped up in a Fridays for Future demonstration underscoring their demand that the global elite act swiftly to tackle the climate emergency.

Read More
chuchart duangdaw / Moment / Getty Images

By Tim Radford

The year is less than four weeks old, but scientists already know that carbon dioxide emissions will continue to head upwards — as they have every year since measurements began leading to a continuation of the Earth's rising heat.

Read More
Sponsored
Lucy Lambriex / DigitalVision / Getty Images

By Katey Davidson

Each year, an estimated 600 million people worldwide experience a foodborne illness.

While there are many causes, a major and preventable one is cross-contamination.

Read More
picture alliance / dpa / F. Rumpenhorst

By Arthur Sullivan

When was the last time you traveled by plane? Various researchers say as little as between 5 and 10 percent of the global population fly in a given year.

Read More
A Starbucks barista prepares a drink at a Starbucks Coffee Shop location in New York. Ramin Talaie / Corbis via Getty Images

By Cathy Cassata

Are you getting your fill of Starbucks' new Almondmilk Honey Flat White, Oatmilk Honey Latte, and Coconutmilk Latte, but wondering just how healthy they are?

Read More