Bloomberg Says He is Not Running for President

New York City Mayor Michael Bloomberg said on Wednesday he was not a candidate for the 2008 U.S. presidential election despite having changed his political affiliation to independent from Republican.

"I think they are wasting their time. I am not a candidate," said Bloomberg, when asked about his name being mentioned in presidential opinion polls.

Bloomberg, the billionaire founder of financial data and media firm Bloomberg, spurred speculation on Tuesday about a possible run for president when he announced he was changing his political status.