Mike Bloomberg Is Not Running for President

The Story:

Michael Bloomberg, the billionaire who founded the giant media, software, and financial services company Bloomberg LP, announced on March 5, 2019 that he is not running for President of the United States, though he urged the Democratic Party to unite behind whichever candidate “will be in the strongest position to defeat Donald Trump.”

Background:

Bloomberg was a general partner at Salomon Brothers in the 1970s. In 1981 the Phibro Company bought up Salomon. Phibro then let Bloomberg go, but he took with him a $10 million chunk of Salomon’s equity. He cashed that in and used it to start the company that still bears his name.

At the beginning of the new millennium, Bloomberg the man left Bloomberg the company, and began a political career. He served three terms as Mayor of New York City, taking remuneration of just $1 each year for his services. Since leaving that office at the end of 2013 he has contemplated the idea of seeking the Presidency publicly, and often.

The Thing to Know:

Bloomberg’s political views are much akin to those of a friend of his, former Vice President Joseph Biden. The former’s decision not to run is widely interpreted as meaning that he knows Biden is about to enter the race, and that Bloomberg wants to help by, so to speak, leaving a lane open for him.

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