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New York City's favorite out-of-touch billionaire former mayor is preparing yet another presidential bid in 2020, which, as CBS New York points out, would make him both the richest and the oldest person to seek the job. While he was first elected mayor on the Republican ticket - and later as an independent - many speculate that, if he follows through with another presidential run, Bloomberg may seek the office as a Democrat.

The anonymous sources who leaked the story to CBS New York said Bloomberg's decision to run is driven in part by remorse that he didn't stay in the race in 2016. Though he famously proclaimed that he wouldn't "risk helping Trump" when he announced in March 2016 that he wouldn't move ahead with an independent run, his feelings about that decision have (understandably) shifted. He now believes he could've either won outright - or at least stopped Trump from becoming president (in reality, a Bloomberg independent run would've probably taken away more votes from Clinton). Bloomberg has considered a White House run in 2008, 2012 and 2016.

Bloomberg

The former mayor (and founder of Bloomberg LP) has been racking up political IOUs thanks to the $80 million he's reportedly spending to help Democrats during the November midterms. "Republicans in Congress have had almost two years to prove they could govern responsibly. They failed," Bloomberg said in a statement released last week, according to the Hill. "I’ve never thought that the public is well-served when one party is entirely out of power, and I think the past year and half has been evidence of that," he added.

Bloomberg also accused Republicans of doing little to "reach across the aisle to craft bipartisan solutions - not only on guns and climate change, but also on jobs, immigration, health care and infrastructure".

But Bloomberg's particular brand of "nanny state" liberalism (remember the infamous soda ban that was blocked by New York courts?) is probably as popular today as it was when he was a third-term New York mayor (not very). His pro-gun control stance would also help galvanize Trump's base, who would likely come out to vote en mass to stop a president who questions the second amendment.

Bloomberg isn't the only septuagenarian who's eyeing a run for the Democratic nomination: Former VP Joe Biden is also reportedly considering a bid and one can never count out Bernie Sanders. Meanwhile, California Sen. Kamala Harris and New York Sen. Kirsten Gillibrand are also reportedly weighing bids of their own.