Former New York City Mayor Michael Bloomberg has officially announced his late-entry Democratic bid for president.
In a letter posted to his campaign website on Sunday, the billionaire and former Republican positioned himself as a pragmatic option for voters, "a doer and a problem solver – not a talker."
Bloomberg also positioned himself as uniquely qualified to challenge President Donald Trump, calling "defeating Trump ... the most urgent and important fight of our lives" because of his "bigotry and hatred and wrong-headed policies."
Bloomberg wrote, "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. The stakes could not be higher. We must win this election."
CNN reports that Bloomberg, who said earlier this year that he would not run, changed his mind because he does not believe there is a candidate in the current field of Democrats who can beat President Trump next November.
To kickstart his campaign, Bloomberg has reportedly bought $37 million worth of television ads over the next few weeks.