Former New York mayor Michael Bloomberg reportedly considering presidential run

The billionaire would run for the White House as an independent candidate

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Michael Bloomberg. Image: Thibault Camus / AP/Press Association Images

A former billionaire mayor of New York is apparently considering running to become the next US President.

Michael Bloomberg - who is in favour of gun control and abortion rights - could launch an independent run, according to reports.

The New York Times reports that Mr Bloomberg (73) has "already taken concrete steps toward a possible campaign, and has indicated to friends and allies that he would be willing to spend at least $1 billion of his fortune on it".

It is believed the former mayor might get involved because he is concerned about the contest coming down to a choice between Democrat Bernie Sanders and Republican Donald Trump.

Mr Bloomberg would run for the White House as an independent candidate, with a decision on his candidacy reportedly set to be made by March.

Mr Bloomberg is one of the wealthiest people in the world, with an estimated fortune of $36.5 billion. He is the president, CEO and founder of the financial data and media company Bloomberg LP.

He was elected as mayor of New York as Republican candidate in 2001 and held the office for three terms. He left the Republican party in 2007 and served as an independent mayor until 2013.