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[To use Mayor Booty’s verbiage, Bloomie is toxic and since he was HRC last hope for a brokered convention, Bernie rules.]

There will be a brokered convention unless Sanders wins a majority of the delegates, which he won’t. That’s over 50%. He will win, at best, about 35%. And Bloomberg’s not spending billions of his own cash to make HRC president, any more than he spent hundreds of millions to make someone else NYC mayor.

Bloomberg’s path to the nomination consists of him getting the #2 spot, delegate-wise, after Sanders, buying off all the Dem also-rans, and prevailing on the second ballot. If he doesn’t get the #2 slot, things become a lot harder, because whomever is #2 is going to think of himself not merely as a kingmaker but a potential nominee, and therefore less likely to give up his delegates to Bloomberg.

https://ballotpedia.org/Democratic_delegate_rules,_2020
[The 2020 Democratic presidential nominee will be selected by delegates to the Democratic National Convention, which will be held July 13-16, 2020, in Milwaukee, Wisconsin. The national nominating convention is the formal ceremony during which the party officially selects its nominee. The delegates are individuals chosen to represent their state, territory, or Democrats Abroad at the convention.

In 2020, there will be 4,750 delegates: 3,979 pledged delegates and 771 automatic delegates—more commonly known as superdelegates.[1]

To win the Democratic nomination, a presidential candidate must receive support from a majority of the pledged delegates on the first ballot: 1,991 pledged delegates.[2][3] If the convention is contested and goes to a second ballot or more, automatic delegates will be able to vote and a candidate must receive majority support from all delegates: more than 2,375 votes.[4] Roughly two-thirds of the delegates will have been allocated by the end of March 2020. ]