Real estate mogul Rick Caruso will not run for mayor nor governor

Billionaire real estate mogul Rick Caruso announced Friday, Jan. 16, that he will not run for office this year, putting to rest months of speculation that he would seek to become either the next mayor of Los Angeles or governor of California.

In announcing his decision, Caruso said two questions guided his thinking – where he could make the most impact and how running would affect his family.

“After much reflection and many heartfelt conversations with my family, I have decided not...