Bloomberg says 'will not run for President in 2016'

Former New York City Mayor Michael Bloomberg has said that he would not run for president, citing a concern that his candidacy could tilt the election to Republican Donald Trump or Ted Cruz.

The billionaire, who has spent months mulling a third-party run made his decision official through an editorial posted on the Bloomberg View website.

"When I look at the data, it's clear to me that if I entered the race, I could not win. I believe I could win a number of diverse states -- but not enough to win the 270 Electoral College votes necessary to win the presidency," Bloomberg wrote in a column in Bloomberg View.

Bloomberg wrote that a three-way race could lead to no one winning a majority of electoral votes, which would send the race to the Republican-controlled House of Representatives.

Slamming Trump, currently the GOP front-runner, Bloomberg said, "The real estate mogul has run the most divisive and demagogic presidential campaign I can remember, preying on people's prejudices and fears."

Similarly being critical of Cruz, he said the Texas senator's pandering on immigration may lack Trump's rhetorical excess, but it is no less extreme.

"We cannot 'make America great again' by turning our backs on the values that made us the world's greatest nation in the first place.I love our country too much to play a role in electing a candidate who would weaken our unity and darken our future - and so I will not enter the race for president of the United States," Bloomberg wrote.

Bloomberg also made an oblique reference to Democrats Hillary Clinton and Bernie Sanders but did not endorse any.

Bloomberg is one of the richest people in the United States, estimated to be worth $38 billion as per reports.

He has previously toyed with presidential runs, but concluded ahead of the 2008 and 2012 campaigns he could not win.

Bloomberg is also the founder of the financial news and information provider Bloomberg LP.