Former New York mayor Michael Bloomberg bows out of 2020 Democratic presidential contest

NEW YORK — Former New York mayor Michael Bloomberg announced Tuesday that he would not run for president, concluding that his path to the Democratic nomination was narrow and that he could accomplish more as a private citizen.

The decision removes from the race one of the world’s richest men, a self-described centrist who had the potential to dominate early primary spending and complicate the campaigns of other moderate candidates.