(CNN) Former New York Mayor Michael Bloomberg has decided against running for president in 2020, he announced on Tuesday.

"As I've thought about a possible presidential campaign, the choice before me has become clear. Should I devote the next two years to talking about my ideas and record, knowing that I might never win the Democratic nomination? Or should I spend the next two years doubling down on the work that I am already leading and funding, and that I know can produce real and beneficial results for the country, right now? I've come to realize that I'm less interested in talking than doing," he wrote in an opinion piece for Bloomberg.

"And I have concluded that, for now, the best way for me to help our country is by rolling up my sleeves and continuing to get work done."

Bloomberg publicly speculated about a 2020 bid for months, traveling the country to meet with voters and determine whether a bid was possible.

Bloomberg told reporters during this public speculation that he was seriously considering a bid, to the point that he decided he would self-fund a campaign.

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