Michael Bloomberg says he's once again a registered Democrat

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Billionaire mogul Michael Bloomberg announced on Wednesday that he is re-joining the Democratic Party, prompting new speculation about his possible presidential ambitions.

It notes that last month he said in a New York Times interview that he believes a third-party candidate can not win the presidency, and that were he to run, he would do so as a Democrat.

"At key points in USA history, one of the two parties has served as a bulwark against those who threaten our Constitution", said Bloomberg, who in the past has identified as a Republican and an independent.

Bloomberg was elected mayor of New York City as a Republican in 2001 and re-elected in 2005.

Bloomberg was previously a member of the Democratic party but switched in 2001 to run for NY mayor as a Republican.

Mr. Bloomberg, formally an independent, has changed parties several times over the past two decades.

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Bloomberg has used his fortune, which Forbes magazine has pegged at $51.8 billion, to push a number of liberal causes including efforts to tackle global warming and gun deaths.

Bloomberg has drifted between political parties throughout his life - going from Democrat to Republican to independent to, now, Democrat again.

Bloomberg did not say when he might make a decision on running for president.

"Right now, I'm only focused on the midterms", Bloomberg said. "Two years ago at the Democratic Convention, I warned of those threats", Bloomberg wrote in an Instagram post. "I believe that the Republicans have not done what they should have done in terms of providing some counterbalance to the executive branch".

The idea now, of course, is that Bloomberg will run for president in 2020, and that he'll do so as a Democrat. He took an indirect swipe at President Donald Trump and his Republican allies, who Bloomberg suggested posed a threat to USA democratic institutions.

To that end, the former mayor announced that he'll give a record $80 million to the Democrats to flip the House from the current Republican majority.That was followed by a pledge of $20 million made last week to the top Senate Democratic super PAC.