Former New York Mayor Michael Bloomberg officially announced his candidacy for the Democratic primary in the U.S. presidential elections next year with the goal of “defeating Donald Trump and rebuilding America”.

“I am running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of reckless and unethical actions by President Trump,” he said in a statement posted on his campaign Web site.

Last Thursday, Bloomberg presented to the Federal Election Commission the paperwork required to join the long list of Democratic candidates who fight to be elected by their ranks.

The 77-year-old billionaire stresses in his cover letter that the current White House tenant “represents an existential threat” to the United States and its values.

“If he wins another term, we may never recover from the damage. The signs could not be greater. We must win these elections. And we must begin to rebuild America. I believe that my unique condition with my experience in business, government and philanthropy will allow me to win and lead,” he continued.

In addition, the statement underscores that Bloomberg will not accept donations and that he will personally finance his campaign, “as he did the three times he successfully ran for mayor” of New York, the note concludes.

In recent weeks, Bloomberg had already taken steps to appear on the ballots in several states, but until Sunday had not taken the step forward that makes him an official candidate.

Bloomberg is already late to compete in some states where the deadlines have already been closed and, a priori, part with a major disadvantage over candidates who have been campaigning for months.

However, he is not the only one who has chosen to get into the primaries late.

Former Massachusetts Governor Deval Patrick decided this month to join the list of candidates who now appear to be headed by former Vice President Joe Biden, Senators Elizabeth Warren and Bernie Sanders, and Mayor Pete Buttigieg.

Last weekend, Bloomberg apologized for the controversial police practice of stopping and searching pedestrians that took place during his tenure in New York and disproportionately affected African Americans and Latinos, two key groups for Democratic hopefuls.

His confession was then interpreted as a gesture prior to the presentation of his candidacy, which he has now made a reality.

The businessman, who has served in both the Republican and Democratic parties, offers a more moderate option to Democratic voters and competes, a priori, with the candidates of the party’s most centrist wing such as Biden and Buttigieg.

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