Former New York City Mayor Michael Bloomberg announced his entry into the 2020 presidential race. 

On Sunday, Bloomberg released a statement informing of his presidential candidacy. He’ll be running on the Democratic ticket alongside Bernie Sanders, Elizabeth Warren, Joe Biden, Kamala Harris, Cory Booker and others in the race vying for voter commitment in support against President Donald Trump. Bloomberg's announcement also follows on the heels of Massachusetts’ first Black governor Deval Patrick's late entry into the election. Patrick announced his candidacy on November 14. 

According to the New York Times, Bloomberg, who previously left the Democratic party to run as a Republican candidate during his mayoral campaigns, said he wants to offer voters a realistic option to reclaim the presidency from Trump, who “represents an existential threat to our country and our values.” 

YouTube | Mike Bloomberg

His campaign website highlights the three-term mayor's past political endeavors, such as working toward affordable housing, increasing teachers’ salaries and supporting LGBTQ rights. 

“I'm running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of President Trump's reckless and unethical actions,” a statement on the homepage of Bloomberg's campaign website reads. 

To further his momentum in the race, Bloomberg,  whose net worth sits at $54.4 billion, has already reportedly invested at least $37 million in television advertisements, which are expected to roll out over the next two weeks. The hefty price tag represents "more than the entire Democratic field has spent on TV advertising in the race so far, excluding businessman Tom Steyer, who will have aired nearly $63 million of TV ads by the end of Bloomberg's initial bookings," according to CNN.

USA Today reports that Bloomberg faces an uphill battle in gaining support as a Democratic candidate given his ties to Wall Street, his status as a former Republican and millionaire and his support of the New York Police Department's stop-and-frisk policy.

The politician offered an apology last week for his previous endorsement of the dangerous policing measure in front of a congregation at Christian Cultural Center in Brooklyn.  

"Over time, I've come to understand something that I long struggled to admit to myself: I got something important wrong," Bloomberg said to the crowd.

According to The New York Times, the politician visited the same church seven years ago defending and addressing criticism of the policy.  

"I didn't understand back then the full impact that stops were having on the Black and Latino communities. I totally focused on saving lives, but as we know, good intentions aren't good enough." 

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