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Michael Bloomberg, the former New York City Mayor known for his climate change activism and a strong supporter of US-India relationship, announced he is running for the 2020 US Presidential race from the Democratic party.
According to the Guardian, Michael Bloomberg also unveiled a minute-long campaign video that called the billionaire, one of the richest men in the world, a “middle-class kid who made good”. “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. 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,” Bloomberg said in a statement.
Bloomberg's team has reserved more than USD 30 million in television ads set to begin running Sunday in several primary states. The moves, just 10 weeks before primary voting begins in Iowa, reflects his concern that the current Democratic field is not well-positioned to defeat President Donald Trump next fall. Bloomberg's wealth has already emerged as a central issue as the political world awaits his formal announcement. He is estimated to be one of the 10 richest people in the world.
He has announced that his campaign will be entirely self-funded, meaning he cannot qualify for the Democratic presidential debates under current rules, which require candidates to receive at least 10,000 individual donations. Those rules could be revisited in January, the Washington Post reported. “He has never taken a political contribution in his life,” chief adviser Howard Wolfson told the Associated Press. “He is not about to start. He cannot be bought.” Bloomberg, 77, has a net worth estimated at more than $50bn.