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Former New York City Mayor Michael Bloomberg announced on Monday that he will not mount a presidential run this year, saying he doesn't want to pave the way for Donald Trump or Ted Cruz to win the White House.

"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 said in an editorial written for Bloomberg View.

"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."


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