'I'm Running to Defeat Donald Trump': Michael Bloomberg

Billionaire and former New York City Mayor Michael Bloomberg has launched a bid for the 2020 Democratic presidential nomination, a statement published on his official website shows.

“I’m running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of President Trump’s reckless and unethical actions. He represents an existential threat to our country and our values. If he wins another term in office, we may never recover from the damage", he said.

According to the former mayor, the stakes could not be higher.

"We must win this election. And we must begin rebuilding America. I believe my unique set of experiences in business, government, and philanthropy will enable me to win and lead", Bloomberg said.

​According to data from Kantar Media/CMAG, Bloomberg will spend $37 million on television advertising for his campaign over the next two weeks.

What Does the Eighth Richest American Running for President Stand For?

Bloomberg's candidacy represents a late entry to the list of Democratic contenders near the top in opinion polls – former US Vice President Joe Biden, Mayor of South Bend, Indiana Pete Buttigieg, and prominent liberal US Senators Elizabeth Warren and Bernie Sanders.

The winner of the Democratic primaries will be determined during the summer of 2020 and then challenge sitting US President Donald Trump, who intends to run for a second term. The election date is set on 3 November 2020.

The eighth richest American has long waited for a chance to take on fellow New York tycoon Donald Trump, with whom former Mayor Bloomberg often "competed" at social events. The billionaire occasionally even had words of praise for Trump, before turning his back on him when the latter entered politics. Bloomberg claimed that he was best placed to take on Trump on issues such as gun violence and climate change.

A week ago, the former NY mayor went out with a separate $100 million digital ad purchase to run on-line ads targeting Trump during the primaries in key general election battleground states, Fox News reported.

US President Donald Trump earlier mocked Bloomberg's potential entry into the Democratic primary race, saying "He doesn't have the magic to do well. Little Michael will fail".

In March, Bloomberg claimed that he would not run for US president in 2020 and planned instead to start a new campaign to accelerate the US’ transition to renewable energy. In the past, the billionaire has toyed with the idea of running for the White House multiple times. In 2016, he came close to announcing a bid as an independent candidate, but later abandoned the idea, concluding that only the candidate of a major party could win.

One of the richest men in the US, he served as the mayor of New York City from 2002 to 2013 and is the founder of Bloomberg News. His net worth is estimated at well over $50 billion.