Michael Bloomberg, the former New York City mayor and publishing mogul, will stay out of the race for the White House.
In an editorial on the Bloomberg View website Monday, Bloomberg announced that he would not run as an independent candidate.
Bloomberg said that, based on the data, he didn't think he could win in a three-way race. But he is more worried about a Republican in the White House.
Bloomberg said in a three-way race, he believes no candidate will win a majority of electoral votes. He said that would invoke the Constitutional rule that would put Congress in charge of deciding who the president should be.
"As the race stands now, with Republicans in charge of both Houses, there is a good chance that my candidacy could lead to the election of Donald Trump or Senator Ted Cruz. That is not a risk I can take in good conscience," Bloomberg wrote.
"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 added.