Bloomberg becomes Democrat again, looks at presidential run

Former New York City mayor Michael Bloomberg speaks at the Bloomberg Global Business forum in New York last month

Former New York City Mayor Michael Bloomberg rejoined the Democratic Party on Wednesday, going back to his political roots weeks before the November 6 congressional elections and amid speculation that he might run for the White House in 2020.

Former New York City mayor Michael Bloomberg speaks at the Bloomberg Global Business forum in New York last month. Today, he released a picture of himself filling out his registration form and warning about threats to the Constitution that require checks and balances.

Bloomberg says, "At key points in US history, one of the two parties has served as a bulwark against those who threaten our Constitution". Bloomberg told the New York Times in September he now believes that only a major-party candidate can win the presidency, and if he were to run in 2020, it would be as a Democrat.

The billionaire business mogul - who endorsed Hillary Clinton over President Trump in the 2016 election - is heavily invested in helping elect Democrats in congressional midterm elections on November 6.

Worth an estimated $50 billion, Bloomberg is a social liberal who is in sync with the Democratic Party on issues like gun control, immigration, abortion rights and climate change.

His change is seen as a possible move to running for president in 2020.

Bloomberg announced his new political affiliation in an Instagram post, warning that Democrats are "so badly" needed to keep the government in check.

Bloomberg also explored a 2016 presidential bid as an independent but ultimately decided against it, writing in an op-ed that "an independent candidacy would split the Electoral College and allow Congress to elect an extremist".

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