WHAT YOU NEED TO KNOW:
- Former New York City mayor Michael Bloomberg announces his presidential bid after weeks of speculation about whether he would seek the nomination for the Democratic primary.
- The billionaire is focused on “running for president to defeat Donald Trump and rebuild America.”
- Earlier this year, Bloomberg said that he would not run, however, the billionaire seems not impressed with former Vice President Joe Biden’s campaign.
Billionaire Mike Bloomberg officially announced his 2020 Democratic presidential bid on Sunday after weeks of speculation about whether he would join the already-crowded Democratic primary.
“We cannot afford four more years of President Trump’s reckless and unethical actions,” the former New York City mayor said on his website. “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.”
In one of his multimillion-dollar ad campaign, he talks about his 12-year record as mayor of the Big Apple, his middle-class upbringing and his experience as a businessman.
In a TV ad, the 77-year-old Bloomberg vows “to rebuild the country and restore faith in the dream that defines us.” His campaign also promises to increase taxes on the rich, expand health insurance and act on gun control and climate change.
“Defeating Trump — and rebuilding America — is the most urgent and important fight of our lives. And I’m going all in.” Bloomberg said during the announcement.
Bloomberg launched a $31 million television ad campaign that will run through at least Dec. 3.
The founder of the Bloomberg L.P. media company announced earlier this year that he would not be running for president. He already filed paperwork to enter the March 3 Alabama primary.
Bloomberg reportedly changed his mind about running for president as former Vice President Joe Biden seemed to stumble as a front-runner.
Ranking at Number 8 in Fortune’s Top 15 Richest Americans, Bloomberg is estimated at $54 billion. As a key financier for Democrats, he spent more than $100 million helping the party recapture the House.
“Mike has never accepted campaign contributions and never will. He is wholly independent of special interests. He is only focused on doing what’s right, without fear or favor,” his campaign communications director Jason Schechter said.
Prior to his announcement, President Donald Trump also took a swipe at Bloomberg, telling reporters: “There’s nobody I would rather run against than Little Michael.” He added that Bloomberg doesn’t have the “magic” to run a successful campaign.