Michael Bloomberg is running for president of the United States.

The former New York City mayor, one of the richest men in the world, formally joined the Democratic presidential field on Sunday. The 77-year-old former Republican announced his plans on a campaign website.

He wrote: “I’m running for president to defeat Donald Trump and rebuild America.”

Bloomberg’s entrance, just 10 weeks before primary voting begins, reflects his concerns that the current slate of candidates is not well-positioned to defeat Trump.

Bloomberg’s massive investments in Democratic priorities like climate change and gun control, backed by his extraordinary personal wealth, could make him a force. He’s already reserved more than $30 million in television ads across several states, although he’s bypassing the first four on the primary calendar.

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