Dave Brooks on June 26, 2018

Former New York City Mayor Michael Bloomberg is gearing up to face President Donald Trump in the next presidential election.

Bloomberg, a billionaire activist who has helped fund various Democratic campaigns, considered running for president in 2016 as an Independent. If he runs against Trump in 2020, then he’ll campaign as a Democrat, sources told CBS New York on Tuesday.

The former three-term mayor’s decision not to run against both Trump and former Secretary of State Hillary Clinton is weighing on his conscious, according to the sources, who claim Bloomberg thinks he could have disrupted the president’s path to victory.

Bloomberg would be the wealthiest and oldest person to run for office in U.S. history if he runs. He campaigned and won the New York City mayor’s race as a Republican before switching parties.

Bloomberg also supports efforts to fight global warming and is one of the point men of local and state leaders “resisting” Trump’s withdrawal from the Paris climate accord, among other aspects of the president’s environmental agenda.

He poured more than $64 million into the Sierra Club’s political war chest to help the group fight Trump’s efforts to resuscitate the fortunes of a beleaguered coal country.

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