Michael Bloomberg, the former New York city mayor, has announced he will not run for the US presidency in 2020, defying widespread predictions of his candidacy.
Mr Bloomberg said that while he thought he could beat Donald Trump he was not sure he would win the Democratic nomination given the competitive field.
Instead Mr Bloomberg pledged to spend his next two years pushing for the policy changes, such as tighter gun controls and tackling climate change, in which he believes.
“As I’ve thought about a possible presidential campaign, the choice before me has become clear,” Mr Bloomberg in a 1,400-word article outlining his thinking.
“Should I devote the next two years to talking about my ideas and record, knowing that I might never win the Democratic nomination?
“Or should I spend the next two years doubling down on the work that I am already leading and funding, and that I know can produce real and beneficial results for the country, right now?”