Michael Bloomberg launches Democratic presidential bid

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NEW YORK (AP) — Billionaire and former New York City Mayor Michael Bloomberg, one of the world’s richest men, has formally launched a Democratic bid for president.

Ending weeks of speculation, the 77-year-old former Republican announced his candidacy Sunday in a written statement posted on a campaign website describing himself as uniquely positioned to defeat President Donald Trump. He will quickly follow with a massive advertising campaign blanketing airways in key primary states across the U.S.

“I’m running for president to defeat Donald Trump and rebuild America,” Bloomberg wrote.

“We cannot afford four more years of President Trump’s reckless and unethical actions,” he continued. “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.”

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