As other news outlets reported Bloomberg was mulling a run, a source exclusively told Radar the Democrat “made the decision in the last 24 hours and began cancelling all his business commitments.”
“His apprehension previously had been because of his close friend Joe Biden,” the source said of Bloomberg, 77. “However, now he does not believe there is a clear path toward the nomination for Biden and he believes he can win it.”
Bloomberg - estimated to be worth $51 billion - is set to announce his intention to run in a press conference shortly. He had previously indicated he would like to make a bid for the presidency in 2018, but initially chose to stay out and support Biden.
However sources told CNBC that he would run if former vice president Biden struggled against Sen. Elizabeth Warren in the election running.
A New York billionaire with ties to Bloomberg told the site: “Bloomberg is in if Biden is out.”