Answer by taking a quote from the following article:

Michael Bloomberg was born at St. Elizabeth's Hospital, in the Brighton neighborhood of Boston, on February 14, 1942. Bloomberg's family is Jewish. Bloomberg's father, William Henry Bloomberg (1906-1963), was born in Chelsea, Massachusetts and worked as an accountant for a dairy company. He was the son of Alexander "Elick" Bloomberg, an immigrant from Russia.

In March 2010, Bloomberg's top political strategist Kevin Sheekey resigned from his mayoral advisory position and returned to Bloomberg LP, Bloomberg's company. It was speculated that the move would allow Sheekey to begin preliminary efforts for a Bloomberg presidential campaign in the 2012 election. An individual close to Bloomberg said, "the idea of continuing onward is not far from his [Bloomberg's] mind".  In October 2010, The Committee to Draft Michael Bloomberg - which had attempted to recruit Bloomberg to run for the presidency in 2008 - announced it was relaunching its effort to persuade Bloomberg to wage a presidential campaign in 2012. The committee members insisted that they would persist in the effort in spite of Bloomberg's repeated denials of interest in seeking the presidency.  While on the December 12, 2010, episode of Meet the Press, Bloomberg ruled out a run for the presidency in 2012, stating: "I'm not going to run for president," further adding "I'm not looking at the possibility of running ... no way, no how." On July 24, 2011, in the midst of Democrats' and Republicans' inability to agree on a budget plan and thus an increase in the federal debt limit, the Washington Post published a blog post about groups organizing third party approaches. It focused on Bloomberg as the best hope for a serious third-party presidential candidacy in 2012.  During an appearance on The Daily Show in June 2012, London Mayor Boris Johnson told host Jon Stewart that he did not know why Bloomberg had ruled out a bid for the presidency in the upcoming election, declaring that he would be "a great candidate".  Bloomberg had privately indicated he believed Mitt Romney would be better at running the country, but could not publicly support him because of Romney's positions on social issues such as abortion and gun control. In the immediate aftermath of Hurricane Sandy in November 2012, Bloomberg penned an op-ed officially endorsing Barack Obama for president, citing Obama's policies on climate change.

What happened next
Committee to Draft Michael Bloomberg - which had attempted to recruit Bloomberg to run for the presidency in 2008