Michael Bloomberg is planning to file paperwork to run in Alabama's 2020 Democratic primary

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• Former New York City Mayor Michael Bloomberg is making a late entrance into the 2020 Democratic primary field and plans to file paperwork for the Alabama primary at the end of this week, The New York Times reported.
• Bloomberg, the billionaire philanthropist who served as mayor for three terms, openly floated running for president late last year but took himself out of the running in March.
• The Times reported that Bloomberg plans to file paperwork for the Democratic primaries in several states with upcoming filing deadlines, including Alabama and New Hampshire.
• Citing sources close to Bloomberg, The Times reported that he's become increasingly concerned over former Vice President Joe Biden's lackluster fundraising and slipping performance in the polls.
• Visit Business Insider's homepage for more stories.

Former New York City Mayor Michael Bloomberg is making a late entrance into the 2020 Democratic primary field and plans to file paperwork for the Alabama primary at the end of this week, The New York Times reported.

Bloomberg, the billionaire philanthropist and media mogul who served as Mayor for three terms, openly floated running for president late last year but took himself out of the running in March.

He announced March 5, of this year that he would be sitting out the presidential race to help fund Democratic candidates in down-ballot races and give money to causes combatting climate change.

"While there would be no higher honor than serving as president, my highest obligation as a citizen is to help the country the best way I can, right now," Bloomberg wrote in a statement. "That's what I'll do, including the launch of a new effort called Beyond Carbon."

In the statement, he warned that Democrats shouldn't nominate a candidate who would be too extreme to beat President Donald Trump, but said he didn't want to further split up the vote in the already-crowded primary.

"As I've thought about a possible presidential campaign, the choice before me has become clear," Bloomberg wrote. "Should I devote the next two years to talking about my ideas and record, knowing that I might never win the Democratic nomination?"

The Times reported that Bloomberg plans to file paperwork for the Democratic primaries in states with upcoming filing deadlines, including Alabama and New Hampshire. As The Times and Politico pointed out, Bloomberg hasn't officially announced a decision to run, but is filing to ensure he will be on the ballot in every primary state if he does run.

Bloomberg will have to work quickly to get his campaign off the ground just three months out from the Iowa caucus on February 2, and New Hampshire primary on February 9, but he has the luxury of being able to self-fund his campaign.

Citing sources close to Bloomberg, The Times reported that in recent months, he's become increasingly concerned over former Vice President Joe Biden's lackluster fundraising and slipping performance in the polls, in conjunction with the rise of Sens. Bernie Sanders and Elizabeth Warren, two leading Democratic candidates who have both proposed hefty taxes on billionaires Bloomberg and greater regulation on big business.

Warren, in particular, has recently publicly tangled with billionaires including Bill Gates, Leon Cooperman, and Jamie Dimon over her plan to implement a wealth tax on Americans making over $50 million.

"We now need to finish the job and ensure that Trump is defeated - but Mike is increasingly concerned that the current field of candidates is not well-positioned to do that," Bloomberg adviser Howard Wolfson told The Times.

"If Mike runs he would offer a new choice to Democrats built on a unique record running America's biggest city, building a business from scratch and taking on some of America's toughest challenges as a high-impact philanthropist."

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