Bloomberg has informed 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 73-year-old former mayor has set an early March deadline for deciding whether to enter the race, following a December poll he commissioned to gauge his chances against frontrunners Donald Trump and Hillary Clinton. Despite no independent ever winning a US presidential election, Bloomberg, who has ties to Wall Street and holds liberal social views, sees an opportunity for his candidacy if Trump or Cruz is nominated by the Republicans and Sanders by the Democrats. Bloomberg, who has considered running for president in the past, served as mayor of New York City from 2002 to 2013. He changed his party affiliation from Republican to independent in 2007 and has since spent a lot of money on national campaigns to strengthen US gun laws and improve immigration policies. According to one of his advisors, Bloomberg believes that voters are looking for a non-ideological, bipartisan approach that has not been offered by either political party in the 2016 election. If Bloomberg decides to run for president with his significant financial resources, it could change the dynamics of the election, even though he would face challenges entering the race at a late stage. 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. Bloomberg's decision to join the race was partly influenced by his dissatisfaction with Clinton's campaign, which has been plagued by questions about her honesty due to an investigation into her use of a private email server. Sanders, Clinton's main competitor, has gained momentum in polling in crucial early voting states, causing Bloomberg to be concerned about a potential general election matchup between Sanders and either Trump or Cruz, who have taken extreme positions on issues like immigration. Bloomberg's representatives were unavailable for immediate comment.