In a recent interview with Financial Times, Michael Bloomberg confirmed that he was considering running for president as an Independent after months of speculation. The former New York City mayor criticized the current presidential contenders, remarking, “I find the level of discourse and discussion distressingly banal and an outrage and an insult to the voters.” While Bloomberg’s potential candidacy is not to be dismissed, the reality is that in an already crowded pool of candidates, Bloomberg is more of a distraction than anything else.

Historically, third-party candidates have served as hindrances to the presidential campaign rather than as viable options for voters. When a third-party candidate steps in, especially this far into the election cycle, the result is a lose-lose situation. Enough voters are inevitably guided away from the mainstream candidates to significantly hurt their campaigns, yet not enough to realistically put forward another electable candidate. In other words, third-party runs tend to dilute the race rather than enhance it. In fact, the last time that a third-party candidate polled at the required 15% nationally to qualify for the televised presidential debates was 1992, when Ross Perot mounted an unsuccessful Independent run. In the decades since, third-party candidates have been predominantly perceived as interfering with the electoral process.

This election season has already seen enough distractions. Harvard University Professor Lawrence Lessig, who attracted attention and criticism for his one-issue platform to overturn the Supreme Court’s Citizens United decision, ended his campaign without polling high enough to reach the Democratic presidential debates. Before Lessig, the media was captivated by a possible bid from Vice President Joe Biden, only to watch him publicly dispel the notion. Bloomberg does not have the stature or executive experience of Biden, which makes his run an implausible venture, especially at this late stage of the election cycle. Additionally, the overcrowded Republican field has shown how candidates can weaken opponents simply by being alternatives, without strong policy proposals or involvement in the race. Each candidate is a talking head that captures airtime and media attention from other campaigns, and Bloomberg would add yet another face to block out candidates who have already spent months consolidating support.

Voters already have a fair amount of billionaires, businessmen and New Yorkers to choose from this election cycle, and have already pledged their allegiances in Iowa and New Hampshire. It is difficult to see what Bloomberg offers to the race besides divisiveness and distraction. Besides, Bloomberg’s initiatives on gun control and considerable philanthropy have already made him a forced to be reckoned with outside of Washington politics. The former New York City mayor can best continue his work to make meaningful change through the unique high-powered role he has spent a lifetime building.

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