According to sources familiar with his thinking, Bloomberg is considering spending $1 billion of his own money on a campaign for the November 2016 election. He has set an early March deadline for entering the race, after conducting a poll in December to assess his chances against Donald Trump and Hillary Clinton. While no independent candidate has ever won a US presidential election, Bloomberg believes he has an opportunity if the Republicans nominate Trump or Cruz and the Democrats nominate Sanders. Bloomberg, who has ties to Wall Street and liberal social views, served as mayor of New York City from 2002 to 2013 and has considered running for president in the past. In 2007, he changed his political affiliation from Republican to independent and has since invested heavily in national campaigns to promote stricter US gun laws and immigration reform. According to a Bloomberg adviser, the former mayor believes that voters are seeking a non-ideological, bipartisan approach that has been lacking in the current election cycle. While a well-funded presidential bid by Bloomberg could shake up the election dynamics, he would face significant 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 impacted the outcome of the race. For example, in 1992, Ross Perot ran as an independent and some argue that his candidacy helped Bill Clinton defeat George H. W. Bush. According to the Times, Bloomberg's decision to run for president is partly influenced by his dissatisfaction with Clinton's campaign. Clinton has faced scrutiny regarding 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 gained momentum in polling in Iowa and New Hampshire, causing Bloomberg concern about a potential general election matchup between Sanders, Trump, or Cruz, all of whom hold extreme positions on issues like immigration. Bloomberg's representatives were unavailable for immediate comment.