WATCH: Michael Bloomberg Makes it Official With 2020 Announcement Video

Billionaire Mike Bloomberg has officially joined the 2020 race. Here is his announcement video.

From Bloomberg

Former New York Mayor Michael Bloomberg announced he is running for the Democratic presidential nomination, offering his own mix of moderate policy stances and experience in business, government and philanthropy as the way to beat President Donald Trump.

Bloomberg, 77, called Trump “an existential threat to our country and our values” as he joined a crowded field of candidates, with fewer than three months before the Iowa caucuses. His late entry will create added difficulties as he seeks to build a campaign infrastructure and support in key states.

“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,” Bloomberg said in a statement announcing his candidacy. “If he wins another term in office, we may never recover from the damage.”

He reconsidered his earlier decision not to run in 2020 as he saw the Democratic field struggling to produce a front-runner to take on Trump, with none of the current leading contenders able to break out of the pack.

Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News. He served as New York’s mayor for three terms and now funds a global philanthropic arm.

In his announcement video, Bloomberg portrayed himself as no-nonsense business and government leader, who created jobs at his own company, helped rebuild New York City after the Sept. 11 attacks and threw himself behind the biggest challenges facing the country, including climate change and gun control. Bloomberg founded Everytown for Gun Safety and Beyond Carbon on the climate front, and his announcement said that he has given $10 billion to charitable causes and that Bloomberg Philanthropies works in 129 countries.