Bloomberg has told friends and associates that he is willing to spend at least $1 billion of his own money on a campaign for the November 2016 election, according to sources familiar with his plans. The former mayor, aged 73, has set an early March deadline for deciding whether to enter the race after conducting a poll in December to assess his chances against Donald Trump and Hillary Clinton, the leading Republican and Democratic candidates. While no independent has ever won a US presidential election, Bloomberg, who has ties to Wall Street and holds liberal social views, believes there is an opportunity for his candidacy if Trump or Cruz becomes the Republican nominee and Sanders becomes the Democratic nominee. Bloomberg, who has considered running for president in the past, served as mayor of New York City from 2002 to 2013. In 2007, he changed his party affiliation from Republican to independent and has since devoted significant funds to national campaigns aimed at strengthening US gun laws and revamping immigration policies. According to an unnamed adviser of Bloomberg cited in the Times, the former mayor believes that voters are seeking a pragmatic, bipartisan approach that has been missing in the current election cycle. While a well-funded presidential bid by Bloomberg could shake up the election dynamics, he would face considerable challenges entering a race that has been ongoing for almost a year. While no third-party candidate has ever won the presidency, past attempts have influenced the overall outcome of the race, such as in 1992 when Ross Perot's independent campaign is thought to have helped Bill Clinton defeat George H. W. Bush. According to the Times, Bloomberg's decision to join the race was partly influenced by his dissatisfaction with Clinton's campaign. Clinton has faced scrutiny over her honesty due to an investigation into her use of a private email server. Sanders, her main competitor, has gained momentum in Iowa and New Hampshire polls. This has raised concerns for Bloomberg about a potential general election matchup between Sanders, who identifies as a socialist, and Trump or Cruz, who have taken strong conservative stances on issues such as immigration. Bloomberg's representatives were unavailable for immediate comment.