(CNN) Billionaire Tom Steyer has told staffers he plans to announce a 2020 presidential bid, a turnaround from January when he said he would not enter the race.

Steyer, who has teased political bids before without ever launching a campaign, never fully ruled out a 2020 run despite his January announcement, according to a source familiar with the situation.

The source said Steyer began planning an announcement in June and told staffers from the two organizations he funds, Need to Impeach and Next Gen, that he plans to launch a 2020 bid.

A spokesperson for Steyer did not respond to CNN's request for comment on the billionaire's plans, which were first reported by The Atlantic.

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