Michael Bloomberg, 76, will run president in 2020, making him both the oldest and richest person to do so.

Bloomberg considered running in 2008, 2012, and 2016. While he considered running as an independent in 2016, a 2020 bid would see Bloomberg run as a Democrat, sources tell CBS.

via CBS:

A source close to the former three-term mayor says the move is fueled in part by regret that he didn’t stay in the race in 2016, because he feels he could have either won outright or prevented Donald Trump from winning.

Political consultants point out the 76-year-old is making a number of key moves, including spending $80 million to help Democrats win Congressional races and collecting a lot of political IOUs in the process. But, they also say it could be an uphill battle because of his liberal policies.

By the time the 2020 election is held, Bloomberg will be 78-years-old.

Bloomberg was the 108th Mayor of New York City from 2002 to 2013. He famously campaigned to change the city’s term limits law and was elected to his third term in 2009 as an Independent candidate on the Republican ballot line.

Bloomberg is the founder, CEO, and owner of Bloomberg L.P., which is a global financial services, mass media, and software company. He began his career at the securities brokerage Salomon Brothers, before forming his own company in 1981 and spending the next twenty years as its chairman and CEO. Bloomberg also served as chairman of the board of trustees at his alma mater, Johns Hopkins University, from 1996 to 2002.

This story & developing.