The former mayor of New York and the billionaire technology and media tycoon, Michael Bloomberg, said on Monday that he won’t take the risk of running the presidential elections 2016 and make the win easier for Republican frontrunner Donald Trump. He said that though he is willing to run, he cannot let the liberal and moderate votes to split between him and Hillary Clinton.

“As the race stands now, with Republicans in charge of both Houses, there is a good chance that my candidacy could lead to the election of Donald Trump or Senator Ted Cruz,” he said in a column published on the Bloomberg View on Monday. “That is not a risk I can take in good conscience.”

Bloomberg has been preparing his grounds to enter the race as an independent. He condemned Trump’s campaign saying it was “the most divisive and demagogic presidential campaign I can remember.”

For long, Bloomberg has openly expressed his wish to hold the office of the US President. But he was not willing to take the plunge and spend the billions campaigning for a presidential run that is doomed to fail. And with Clinton at the Democratic forefront, he could at most expect to win 10 to 15 percent of the votes which may result in Clinton’s loss and put a Republican president in the White House, which would prove to me a massive setback for his key issues, the Vox reported.

The New York Times reported that Bloomberg’s decision ended months-long preparations for his candidacy. Bloomberg’s closest aides got several dozen strategists and staff members together, who conducted polls in 22 states, drafted a website and produced television ads. They also set up campaign offices in Texas and North Carolina, where the campaigns seeking votes in favour of Bloomberg would have begun in a few days.