(CNN) - Billionaire financier George Soros said Sunday he has not decided on whether he will create a super PAC to help President Barack Obama win re-election.
"But I think it's a big, big issue that the 'Citizens United' has really unleashed private money for political purposes that can be used anonymously," Soros said on CNN's "Fareed Zakaria GPS."
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Monday night, the president's re-election campaign announced it would urge donors to contribute to a super PAC supportive of his candidacy called Priorities USA.
The move represented a reversal of Obama's position on the third-party spending giants, which were made possible by the U.S. Supreme Court ruling in 2010 on the Citizens United case.
Super PACs are allowed to raise and spend unlimited amounts of money on a candidate, as long as they don't coordinate with campaigns.
"This isn't just a threat to Democrats," Obama once said of the ruling in 2010. "This is a threat to our democracy."
After seeing the heavy stream of money pouring into Republican super PACs, Obama's campaign decided to change its stance and encourage supporters to donate to Priorities USA.
While Soros hasn't yet made a decision on following course and building his own super PAC, the high-profile Obama supporter cautioned against the impact the groups will have on the 2012 elections.
"This will create an unequal playing field, which will further destroy the political system," he said.
Soros added that he's always been open about giving away his money, and only does so on principle, "not for pursuit of my private interests."
"So whatever I decide, I will state what I'm deciding, but I'm distressed by the problem that 'Citizens United' has created," he said.
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