Michael Bloomberg launches 2020 presidential bid

MANCHESTER, N.H. — Former New York City Mayor Michael Bloomberg officially entered the 2020 race Sunday, ending several weeks of will-he-or-won’t-he speculation about a late entry into the already-crowded Democratic primary.

"I’m running for president to defeat Donald Trump and rebuild America," Bloomberg said on his campaign website. "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’s entry was preceded by news of a massive television ad buy — $31 million, according to Advertising Analytics, which said it was the single largest single week expenditure the firm had ever tracked. A $30 million buy in the final weeks of the 2012 race for then-President Barack Obama held the previous record.

The ad promotes Bloomberg's record as mayor in the aftermath of 9/11 as well as his post-mayoral work campaigning for gun control and against the coal lobby.