Billionaire and former New York City Mayor Michael Bloomberg 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. “I’m running for president to defeat Donald Trump and rebuild America,” Bloomberg wrote.
Bloomberg’s entrance comes just 10 weeks before primary voting begins. Initially registered as a Democrat, Bloomberg, a Massachusetts native, filed paperwork to change his voter registration to Republican in 2000 before his first run for New York City mayor, according to a spokesman. In June 2007, he un-enrolled from the GOP, having no formal party affiliation until he registered again as a Democrat this October.
Forbes ranked Bloomberg as the 11th-richest person in the world last year with a net worth of roughly $50 billion. By contrast, President Trump was ranked 259th with a net worth of just over $3 billion.
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