Oh fully agree that Bloomberg is worried that Sanders will win the Dem nomination the same way Trump did the GOP one.
Where I vehemently disagree with him is that the best solution to that is for anyone, least of all a 78 year old with questionable history , to enter late in cycle which further delays consolidation around a non Bernie candidate.
He could have instead decided early on who was a candidate that he could support, Booker perhaps, and worked to increase his name recognition with voters and hope that he became the person who non Bernie voters coalesced around. Instead he prefers the ego trip of a run himself and, in my view at least, leverage his vast wealth into making it a grossly undemocratic one.