Michael Bloomberg Exits 2020 Race, Bernie Sanders Democratic Frontrunner, Former VP Joe Biden Lurks

Posted on: March 6, 2019, 08:12h. 

Last updated on: March 6, 2019, 08:12h.

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Michael Bloomberg has withdrawn his candidacy for the 2020 presidential election.

Michael Bloomberg 2020 odds Joe Biden
With Michael Bloomberg out, Joe Biden might be in for 2020. (Image: Nati Harnik/AP)

Worth an estimated $55 billion by Forbes, the businessman and philanthropist said the decision to run for the White House weighed heavily on him.

The choice boiled down to two options. “Devote the next two years to talking about my ideas and record, knowing that I might never win the Democratic nomination … or two years doubling down on the work that I am already leading and funding?” the billionaire wrote.

I’ve come to realize that I’m less interested in talking than doing. And I have concluded that, for now, the best way for me to help our country is by rolling up my sleeves and continuing to get work done,” Bloomberg concluded in his explanation.

He was a longshot to win the Democratic nomination. Political bettors at PredictIt had his shares trading at just a nickel to take on presumptive GOP candidate President Donald Trump in the general election.

Vermont Senator Bernie Sanders remains the frontrunner, with his shares currently at 23 cents.

Buying Biden

There’s plenty of speculation around the Beltway that Bloomberg’s 2020 exit is a tip of the hat that former Vice President Joe Biden is ready to throw his into the candidate pool. The Delawarean said as much late last month.

“The most important people in my life want me to run,” Biden explained without explicitly saying he would.

Political pundits opine that the only way to beat Trump is for the Democrats to move further to the center, and further away from the socialist and far-left leaning congressional lawmakers who have recently garnered much media coverage – most notably freshman Rep. Alexandria Ocasio-Cortez of New York’s 14th District.

Biden is more center-left than many of today’s most talked-about Democrats.

Bloomberg is ready to spend $500 million on the 2020 election in order to defeat Trump. He contributed more than $100 million during the 2018 midterms.

“It’s essential that we nominate a Democrat who will be in the strongest position to defeat Donald Trump,” Bloomberg stated. “We cannot allow the primary process to drag the party to an extreme that would diminish our chances in the general election and translate into ‘Four More Years.'”

Age-Old Question

Trump became the oldest newly elected US president when he took office at 70. Should Biden win the 2020 election, he would be 78-years-old when sworn in during the January 2021 inauguration.

Political operatives believe fending off concerns about his age could be accomplished by teaming with a younger running mate. Beto O’Rourke, a former US representative from Texas, is a contender.

PredictIt has O’Rourke shares trading at 17 cents to win the Democratic nod.

Real Clear Politics’ polling average for the 2020 Democratic nominee has Biden far ahead at 29.3 percent. Sanders is next at a distant 19.8 percent. California Senator Kamala Harris is third (11.8 percent), Massachusetts Senator Elizabeth Warren fourth (seven percent), and New Jersey Senator Cory Booker rounding out the top five at 5.5 percent.