Former New York City Mayor Michael Bloomberg Michael BloombergBloomberg rolls out M ad buy to boost Biden in Florida Democratic groups using Bloomberg money to launch M in Spanish language ads in Florida Bloomberg pays fines for 32,000 felons in Florida so they can vote MORE on Sunday officially announced his entrance into the Democratic presidential primary field.

"We cannot afford four more years of President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE’s reckless and unethical actions," Bloomberg said in a statement. "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."

Bloomberg's statement said he will focus on creating jobs, providing health care, ending gun violence, combating climate change, adjusting the immigration system and increasing taxes on the wealthy "like me."

The release also said Bloomberg will not accept donations and will fund his campaign on his own.

The announcement follows weeks of speculation about whether he would launch a campaign and comes shortly after he dropped his first ad, which ABC News reported aired Saturday night in Tallahassee, Fla.

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The 60-second spot, part of a $31.5 million ad buy, targets President Trump directly, saying Bloomberg is "taking on" Trump "to rebuild the country and restore faith in the dream that defines us, where the wealthy will pay more in taxes and the middle-class get their fair share."

NEW — @MikeBloomberg in first TV ad touts his bio & targets Trump.



Ad closes with “jobs creator, leader, problem solved. Mike Bloomberg for president.” pic.twitter.com/Bd6O00uGDH — Kendall Karson (@kendallkarson) November 24, 2019

The ad, titled "Rebuild America," describes Bloomberg as a "jobs creator," "leader" and "problem solver" who as a "third-term mayor" helped bring New York City "back from the ashes" of 9/11.

Advertising Analytics confirmed with The Hill on Saturday that Bloomberg's multimillion-dollar ad campaign would air in 98 local markets and on some national cable channels in the most expensive ad purchase from any candidate in one week of political advertising. The former mayor's ad filmed by Kantar/CMAG is expected to run through the holiday weekend until Dec. 2.