The former New York mayor had positioned himself as a potential challenger to US President Donald Trump.
"I believe I would defeat Donald Trump in a general election. But I am clear-eyed about the difficulty of winning the Democratic nomination in such a crowded field," the businessman said in a statement.
He noted the importance of Democrats winning next year "after what will be four years of chaos, disruption and deceit". Instead of running for the White House, Mr Bloomberg said he would devote his considerable financial muscle toward addressing some of the nation's "major challenges," including climate change, gun violence, the opioid crisis, failing public schools, and college affordability.
While there would be no higher honor than serving as president, my highest obligation as a citizen is to help the country the best way I can, right now. That's what I'll do, including the launch of a new effort called Beyond Carbon. My full statement: https://t.co/b3cQUF1PhU
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