According to sources familiar with his thinking, Bloomberg has informed friends and associates that he is prepared to spend at least $1 billion of his own money on a campaign for the November 2016 election. The former mayor, aged 73, is considering entering the race by early March after conducting a poll in December to assess his chances against Donald Trump and Hillary Clinton. Although no independent candidate has ever won a US presidential election, Bloomberg, known for his ties to Wall Street and liberal social views, believes he could have a shot if the Republicans nominate Trump or Cruz and the Democrats nominate Sanders. Bloomberg, who served as mayor of New York City from 2002 to 2013, has long toyed with the idea of running for president. In 2007, he changed his party affiliation from Republican to independent and has since spent millions on national campaigns to strengthen US gun laws and improve immigration policies. According to a Bloomberg adviser, the former mayor believes voters are seeking a non-ideological, bipartisan, results-driven vision that has been lacking in the 2016 election. A potential well-funded presidential bid by Bloomberg could shake up the election dynamics, although he would face challenges in a race that has been ongoing for almost a year. While no third-party candidate has ever won the presidency, previous attempts have influenced the outcome of the election, such as Ross Perot's independent run in 1992. According to the Times, Bloomberg's decision to run for president is partly due to his frustration with Clinton's campaign. 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, who is Clinton's main competitor, has seen a rise in popularity in early voting states such as Iowa and New Hampshire. This has caused Bloomberg to become concerned about a potential general election matchup between Sanders, a self-proclaimed socialist, and either Trump or Cruz, who have taken strong conservative stances on issues like immigration. Bloomberg's representatives were not available for immediate comment.