According to sources familiar with his thinking, Bloomberg has informed friends and associates that he is prepared to spend $1 billion of his own money on a campaign for the November 2016 election. The 73-year-old former mayor has set an early March deadline for deciding whether to enter the race, after conducting a poll in December to assess his chances against frontrunners Donald Trump and Hillary Clinton. While no independent candidate has ever won a US presidential election, Bloomberg, with strong ties to Wall Street and progressive social views, believes there may be an opportunity for his candidacy if Trump or Ted Cruz is the Republican nominee and Bernie Sanders is 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 invested millions in national campaigns to advocate for stricter US gun laws and immigration reform. According to an unnamed adviser, Michael Bloomberg believes voters are looking for a non-ideological, bipartisan approach that has been lacking in the current election cycle. If Bloomberg were to run for president with his significant financial resources, it could alter the dynamics of the election. However, he would face challenges entering a race that has been ongoing for nearly a year. While no third-party candidate has ever won the presidency, past attempts have influenced the overall outcome of the election, such as Ross Perot's 1992 run as an independent potentially aiding Bill Clinton's victory over George H. W. Bush. Bloomberg's decision to run for president was partly influenced by dissatisfaction with Clinton's campaign, as reported by the Times. Clinton has faced scrutiny over her honesty due to an investigation into her use of a private email server while serving as secretary of state. Sanders, Clinton's main competitor, has seen a recent increase in popularity in early voting states such as Iowa and New Hampshire. This has raised concerns for Bloomberg about a potential general election matchup between Sanders, who identifies as a socialist, and Trump or Cruz, both of whom hold conservative views on issues like immigration. Spokespersons for Bloomberg were not immediately available for comment.