The move is an about-face for Bloomberg, 77, who said in March he would not make a 2020 run for the White House.

Michael Bloomberg announced on Sunday he is running for president, joining the crowded field of Democrats seeking to take on his fellow New York billionaire, President Donald Trump.

“I’m running for president to defeat Donald Trump and rebuild America,” Bloomberg, 77, said on his webpage as a $30m Bloomberg ad campaign hit US airwaves.

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The announcement ended speculation about the intentions of Bloomberg, who for weeks has been filing paperwork to be eligible as a candidate in primary voting and registered with the Federal Election Commission.

The move was an about-face for Bloomberg who said in March he would not make a 2020 run for the White House.  

“We cannot afford four more years of President Trump’s reckless and unethical actions,” the former New York mayor said.

“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.”

With a personal fortune of $50bn, Bloomberg will shake up the open race, with 17 candidates already vying to be the Democratic nominee to take on Trump next year.

Former Vice President Joe Biden leads the race ahead of left-wingers Elizabeth Warren and Bernie Sanders, with moderate Pete Buttigieg in fourth place, according to national polls.

‘Disgusted’

Even before the announcement was made, Democratic rivals such as Sanders pounced on Bloomberg’s plans to rely on his personal fortune.

“I’m disgusted by the idea that Michael Bloomberg or any billionaire thinks they can circumvent the political process and spend tens of millions of dollars to buy elections,” he tweeted on Friday.

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