Former New York Mayor, Michael Bloomberg has formerly announced he is running for president, ending speculations that he will join the crowded Democratic primary.
Bloomberg, 77, called Trump “an existential threat to our country and our values” as he joined a crowded field of candidates, with fewer than three months before the Iowa caucuses.
His late entry, according to Bloomberg News will create added difficulties as he seeks to build a campaign infrastructure and support in key states.
“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,” Bloomberg said in a statement announcing his candidacy. “If he wins another term in office, we may never recover from the damage.”
Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News. He served as New York’s mayor for three terms and now funds a global philanthropic arm.
In his announcement video, Bloomberg portrayed himself as no-nonsense business and government leader, who created jobs at his own company, helped rebuild New York City after the Sept. 11 attacks and threw himself behind the biggest challenges facing the country, including climate change and gun control. Bloomberg founded Everytown for Gun Safety and Beyond Carbon on the climate front, and his announcement said that he has given $10 billion to charitable causes and that Bloomberg Philanthropies works in 129 countries.
At the same time, Bloomberg faces significant hurdles in the campaign, including his late start and questions about why a billionaire and former Republican with a past career on Wall Street should be the standard-bearer for a party whose base increasingly is moving to the left, with young, diverse voters often skeptical of big business.