Billionaire and former New York Mayor Michael Bloomberg running for US President

Former New York City Mayor Michael Bloomberg has entered the race to become the next US president.

Mr Bloomberg is officially entering as a candidate for the Democratic party.

The 77-year-old billionaire announced the news on Twitter on Sunday afternnoon.

He tweeted: "I’m running for president to defeat Donald Trump and rebuild America. I believe my unique set of experiences in business, government, and philanthropy will enable me to win and lead."


The news is a turnaround after the three-term Mayor said in March that he would not make a 2020 run for the White House.

In a full statement published on his website he explained why he changed his mind.

He said: "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.
"The stakes could not be higher. We must win this election. And we must begin rebuilding America.

"I believe my unique set of experiences in business, government, and philanthropy will enable me to win and lead.

"As a candidate, I’ll rally a broad and diverse coalition of Americans to win. And as president, I have the skills to fix what is broken in our great nation. And there is a lot broken."