After flirting with the idea of running for president in the past, billionaire and former New York City Mayor Michael Bloomberg on Sunday formally announced his run for the 2020 presidential race to challenge President Donald Trump.  

“I’m running for president to defeat Donald Trump and rebuild America,” Bloomberg said in a statement. “We cannot afford four more years of President Trump’s reckless and unethical actions.”

In his statement, Bloomberg accused Trump of posing threat to the U.S. and its values, saying if Trump “wins another term in office, we may never recover from the damage”.

Read more: Micheal Bloomberg formally enters US presidential race