The entry of a high-profile billionaire Democrat outside the traditional party structure would add an unpredictable dynamic to the increasingly sprawling campaign to deny President Trump a second term.

Trump’s opponents, including many Democratic strategists, have expressed concerns that a serious three-way race in November would divide the Democratic vote in a way that helps Trump win reelection, either directly by denying Democrats states they would otherwise have won or by shifting the ultimate decision to the U.S. House…

“Anyone thinking of running for president as an independent would have to think really hard about splitting the anti-incumbent, anti-Trump vote and just playing the spoiler role and reelecting Trump,” said Howard Wolfson, a strategist for Hillary Clinton’s 2008 presidential campaign. He now advises former New York mayor Michael Bloomberg, who is considering his own presidential campaign, as a Democrat.