Mike Bloomberg officially entered the 2020 Democratic presidential race Sunday, launching a multimillion dollar ad campaign following weeks of speculation about whether the billionaire would join the already-crowded field.

"We cannot afford four more years of President Trump's reckless and unethical actions," Bloomberg said on his website. "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."

In a television ad, he touts his 12-year record as New York mayor, experience as a businessman and his middle-class upbringing. The ad promises "to rebuild the country and restore faith in the dream that defines us." His campaign vows to raise taxes on the wealthy, expand health insurance without eliminating private plans and take action on gun control and climate change.

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The new ad is part of the 77-year-old Bloomberg's massive $31 million television ad campaign that will run through at least Dec. 3.

Bloomberg, founder of the Bloomberg L.P. media company and a former Republican, already filed paperwork to enter the March 3 Alabama primary. Earlier this year, he said he would not be running for president.

Bloomberg's calculus has clearly changed. He was recently talking with his close allies about running for president as former Vice President Joe Biden appeared to stumble as a front-runner against Sen. Elizabeth Warren.

"Mike has never accepted campaign contributions and never will," campaign communications director Jason Schechter said. "He is wholly independent of special interests. He is only focused on doing what's right, without fear or favor."

Warren has become a critic of the wealthy having too much influence in politics and has created a strong following within the Democratic Party with her anti-Wall Street plans. After reports emerged that Bloomberg was inching closer to a run, Warren took aim at him on Twitter.

@ewarren: Welcome to the race, @MikeBloomberg! If you're looking for policy plans that will make a huge difference for working people and which are very popular, start here

Anticipating Bloomberg's announcement, another hopeful for the nomination, Sen. Bernie Sanders, tweeted Friday that the billionaire was planning to buy the election.

I'm disgusted by the idea that Michael Bloomberg or any billionaire thinks they can circumvent the political process and spend tens of millions of dollars to buy elections.

In an apparent attempt to answer criticism from the left, Bloomberg's announcement outlined plans for "raising taxes on wealthy individuals like me."

Bloomberg's fortune is estimated at $54 billion, making him the nation's eighth-richest person, according to Forbes. He has been a key financier for Democrats, including the 2018 congressional midterm elections. He spent over $100 million helping the party recapture the House.

Since his days as mayor, he's been a strong opponent of the National Rifle Association and helped fund a gun safety group, Everytown for Gun Safety.

One of his biggest problems may be getting African Americans enthusiastic about his candidacy. When he was mayor, he fully supported the police department's "stop-and-fisk" policy that disproportionately targeted minority men. Earlier this month, he apologized at a black megachurch in Brooklyn, saying: "I was wrong, and I'm sorry."