Philanthropist Michael H. Steinhardt said after being mayor for six years, Bloomberg will likely not be content to focus on philanthropic efforts, The New York Times reported Sunday.

"He was extremely successful, and then he was extremely successful as mayor," the former hedge fund manager said. "Now where does he go from here? He doesn't really care that much about his philanthropy. I think he likes hearing himself talk publicly -- terrible way to put it, but I think that's right."

Public relations executive Howard J. Rubenstein said despite Bloomberg's apparent decision not to seek the U.S. presidency, his friend would undoubtedly find a way to stay in the world of politics after leaving office.

"He's not about to give up something that he fell in love with," Rubenstein told the Times. "He'll do something that will have political impact. He's not going to just hide in the back room and dole out the money with a shade over his head."