Last Updated Nov 20th, 2019 at 11:29 am

Billionaire former New York City Mayor Michael Bloomberg is preparing to enter the Democratic presidential primary, filing paperwork this week designating himself as a candidate in Alabama ahead of the Friday deadline, the New York Times reports.

NBC News confirmed the report with Bloomberg’s spokesman.

According to the spokesman, Howard Wolfson, the billionaire businessman believes that the field of 2020 Democrats isn’t strong enough to beat President Donald Trump.