One of the world's richest men has formally launched a Democratic bid for president. Former New York City Mayor Michael Bloomberg has just jumped into the race with what some might call a last-minute bid to win the party's nomination.
The announcement by the 77-year-old former Republican ends weeks of speculation and could pit the billionaire New Yorker against the billionaire New Yorker already in the White House, Donald Trump.
Bloomberg's political ad says he will "rebuild the country and restore faith in the dream that defines us."
But Bloomberg didn't exactly get a warm welcome from leading Democratic presidential candidates, who say there's too much money in politics already.
Vermont Sen. Bernie Sanders said, "That is why multi-billionaires like Mr. Bloomberg are not gonna get very far in this election."
And Massachusetts Sen. Elizabeth Warren said, "Telling billionaires that they can just come and buy elections, that doesn't make a democracy work."
Bloomberg, whose net worth is estimated at more than $50 billion, has committed at least $150 million of his fortune on the 2020 campaign.
He says he will not accept a single political donation for his campaign or take a salary if elected president.
His top campaign issues will be gun control and climate change.
He's seen as a moderate alternative to progressives like Sanders and Warren, rejecting the "Green New Deal" and "Medicare for All".
Bloomberg reportedly sees former Vice President Joe Biden as his only serious obstacle to the nomination.
But Bloomberg's entrance into the race comes just 10 weeks before primary voting begins and shows he believes the existing Democratic field is weak.
There was not much concern from President Trump's campaign, with a spokesman telling reporters, "They can keep adding more names to the pile, but no one beats Trump."