Bloomberg expected to announce within 2 weeks whether he will enter race for White House

Michael Bloomberg is expected to make an announcement within the next two weeks as to whether he will enter the 2016 race for the White House as an independent.

The successful businessman currently heads Bloomberg LP, expanding the company over the past two years and increasing it's annual revenue to $9 billion, reports the AP.

The 74-year-old is reportedly restructuring his company's leadership roles, making it easier for him to step away -- he made a similar change when he ran for mayor of New York City in 2001.

These recent moves have ignited speculation as to Bloomberg's potential plan to join the 2016 race. However his aides say no final decision has been reached in regards to a presidential campaign.

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The billionaire recently indicated to close friends and family that he would be willing to spend $1 billion of his own money to fund a campaign, and that he plans to make a definitive announcement in early March, according to the New York Times.

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Making a decision within the next couple weeks will provide Bloomberg enough time to gather the more than 900,000 signatures needed for him to be represented on the ballots in all 50 states this November.

When asked about a possible bid for the White House last month, the media mogul told the Financial Times he was "looking at all the options."

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