Billionaire Michael Bloomberg has not totally ruled out a presidential bid and is privately telling associates that Joe Biden’s (D) struggle against Sen. Elizabeth Warren (D-MA) is causing him to rethink his decision to stay out of the presidential race, according to CNBC.

Bloomberg is reportedly mulling the possibility of entering the race – if Biden drops out – “according to people familiar with the discussions who spoke on condition of anonymity because the conversations were deemed private,” CNBC reported.

The former New York City mayor’s reconsideration has been ignited by Warren’s growing support over Biden.

Via CNBC:

Bloomberg has signaled he’s “still looking at” running for president, but people close him say that the only way he could even go down that path is if Biden’s fortunes suffer so much that he drops out before or during the early stages of the primary. Bloomberg could then enter the race as one of the rare moderates with enough name recognition and campaign funding to make a run. Forbes estimates his net worth at $51 billion, and he was planning to spend over $100 million on a campaign for president if he ran.

Bloomberg ruled out a presidential bid in March, telling supporters that he was “clear-eyed about the difficulty of winning the Democratic nomination in such a crowded field.”

“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. That’s what I’ll do, including the launch of a new effort called Beyond Carbon,” he stated at the time.

Warren has positioned herself as a viable threat to Biden, who held the frontrunner status in the early months of the Democrat primary. The Massachusetts senator has surged in recent weeks, besting Biden in a number of national polls as well as early primary and caucus state polls. A YouGovUS/CBSNews poll released over the weekend showed Warren leading Biden in early states by six points– 31 percent to 25 percent:

Early Primary States @YouGovUS/@CBSNews Poll (10/3-11):

Warren 31%

Biden 25%

Sanders 17%

Harris 7%

Buttigieg 5%

O'Rourke 4%

Booker 1%

Klobuchar 1%

Castro 1%

Yang 1%

Steyer 1%

Bennet 1%

Williamson 0%

Gabbard 0%

Ryan 0%

Delaney 0

Bullock 0

Messam 0

Sestak 0https://t.co/jbSJXHgUx6 pic.twitter.com/I7SVFSFFBq — Political Polls (@Politics_Polls) October 13, 2019

Warren surpassed Biden in the Real Clear Politics average last week and currently sits less than two points behind Biden in the current average, with 26 percent to Biden’s 27.8.

Biden’s loss of his previously held frontrunner status has Bloomberg mulling a bid, although a source told CNBC that Bloomberg would not make a move unless Biden dropped out of the race.

“I think it’s something he wants. He has not been shy about that,” a Bloomberg ally told CNBC. “Nothing can happen unless Biden drops out, and that’s not happening anytime soon.”

“He’s like everyone else. They can’t get it out of their system,” another source, described as a banking executive, told CNBC.

“Bloomberg is in if Biden is out,” another source added.

The former mayor told the Associated Press this year that – if he ran for president – his campaign would focus on “climate change, education, and public health.”

“Climate change could destroy the whole world and kill everyone on it,” Bloomberg said. “It’s frustrating that a lot of people don’t understand that.”

The gun-control activist joined California Governor Gavin Newsom (D) in September, announcing the Satellites for Climate Action initiative, which is “dedicated to monitoring climate change and the impact of the state’s policies,” as Breitbart News reported.