Michael Bloomberg won’t run for president, will instead direct efforts to defeating Trump

Michael Bloomberg is not running for president.

The 77-year-old former New York City mayor, one of the richest men in the world, announced his decision not to join the crowded Democratic field in a Bloomberg News editorial on Tuesday.

WATCH: Former New York City mayor Michael Bloomberg was in Austin to announce that the city had won funding to help combat climate change

1:21 Bloomberg slams Trump over government shutdown amid rumours of 2020 presidential bid

Bloomberg flirted with a presidential run before, but as an independent. He registered as a Democrat last fall and spent recent months courting primary voters as a political centrist.

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But as an older white man with strong ties to Wall Street, he likely would have struggled to win over the Democratic Party’s energized liberal base that’s increasingly embracing diversity.

Bloomberg is expected to play an active role in the 2020 election from the outside. His team has been preparing a massive data-driven effort to help defeat President Donald Trump.

WATCH: Michael Bloomberg teases 2020 presidential bid, wondering what life in D.C. is like

0:48 Michael Bloomberg teases 2020 presidential bid, wondering what life in D.C. is like

More to come.