Former New York City Mayor Michael Bloomberg announced Tuesday that he will not seek the Democratic presidential nomination in 2020, saying that he believes he would better serve the country as a private citizen.

In an op-ed published in Bloomberg News, Bloomberg acknowledged that his path to the Democratic nomination would be narrow, stating that mounting a long-shot campaign for the White House would detract from his work on other issues, such as climate change and gun violence.

"I know there’s much more we can accomplish over the next two years, but only if we stay focused on the work and expand upon it," he wrote. "And the fact is: A national presidential campaign would limit my ability to do that."

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Bloomberg’s decision not to enter the race for the White House winnows down the pack of would-be contenders considering jumping into an already crowded primary field.

If he had entered the race, Bloomberg likely would have occupied a centrist lane in a primary field that has largely embraced progressive proposals, such as "Medicare for all."

In his op-ed Tuesday, the former New York City mayor warned against policy positions that would “drag the party to an extreme that would diminish our chances in the general election.”

“It’s essential that we nominate a Democrat who will be in the strongest position to defeat Donald Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE and bring our country back together,” Bloomberg wrote. “We cannot allow the primary process to drag the party to an extreme that would diminish our chances in the general election and translate into ‘Four More Years.’”

Bloomberg’s vast personal fortune — he’s worth an estimated $55.6 billion, according to Forbes — loomed large over the Democratic primary field. An adviser to Bloomberg said earlier this year that if Bloomberg entered the race, he was willing to spend upward of $100 million of his own money.

But Bloomberg said Tuesday that he did not believe a presidential run was the best way for him to serve.

“I hope those who have urged me to run, and to stand up for the values and principles that they hold dear, will understand that my decision was guided by one question: How can I best serve the country?” he wrote.

