Bloomberg planning 2020 presidential run

The billionaire and former mayor of New York City is planning to run for president as a Democrat.
2:36 | 11/08/19

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Transcript for Bloomberg planning 2020 presidential run
There's a new candidate prepping to answer and 77 year old billionaire Michael Bloomberg is considering its I want to bring an ABC political director. Rick Klein to discuss this. A raked a very simple question for you about all of this why why is he entering right now. Because he wants do I didn't like. If he thinks there's a pass what he has said is that he wouldn't run unless he thought there was a path and now people around him are saying that they see it's a today. He's filing paperwork to be on the ballot Alabama that's the first filing deadline that emerges for 20/20 candidates it doesn't mean he's necessarily a candidate but I am told that he has made the decision is likely to move forward. In the coming days all these filing deadlines and he's doing it. Because he thinks there's did none of the candidates that are in the race will necessarily be Donald and he is worried about losing this election. Reflecting the concern the hear from many Democrats and independents around the country. Or debts and being all thought they want a candidate who can win and Michael Bloomberg. It appears believes that he is that man. And does move though just gonna help progressives like Bernie Sander and Elizabeth Warren. Well it's interesting because if you listen to what Michael Bloomberg is likely to campaign on. It's aimed at taking down people like Elizabeth Warren and Bernie Sanders I think he's got real concerns about. Whether Medicare for all or a a wealth tax earth our policies that can win across the country. But the fact is this is going to be read as a statement on now on the candidacy of Joseph Biden. Because he occupies much the same space as Michael Bloomberg worked the establishment moderate democratic lane. Someone that would be considered a lot more business friendly. Not on board for Medicare for all so while this would would be a direct attack at the politics. And the policies of of an Elizabeth Warren or Bernie Sanders when he gets down to it to crass splitting up of the vote. It's hard to read this is anything other than a bad sign for for for Vice President Biden. Yes so we all know Michael Bloomberg he is a multi billionaire wife isn't ages uses money to back one of the more moderate candidates. Well it's it's hard to do that for an individual candidate particularly in the democratic race these days most of the rejecting that kind of outside money he his spending has spent a lot of money house and senate races. On the guns issue on the climate change issue he has I had real progressive for credentials but he has long wanted going back at 20072008. He's talked about running for president. Is as a former Republican turned independent and now it Democrat he's politics have evolved along with the country's politics. But this ambition has not and this would appear to be one of the last shots he might have at this and in as close as he's ever gotten to actually run. All right we'll see how all of this seeks out but I want to thank you for joining us on ABC political director Rick Klein we appreciated.

This transcript has been automatically generated and may not be 100% accurate.

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