US Presidential Elections: Former NY Mayor Formally Announces Candidacy

By Staff, Agencies

Former mayor of New York City Michael Bloomberg officially announced on Sunday he will run for the US presidency to take on his fellow New York billionaire, President Donald Trump.

"I'm running for president to defeat Donald Trump and rebuild America," Bloomberg, 77, said on his website as a $30 million Bloomberg ad campaign hit US airwaves.

Earlier in the day, aides on the campaign said that if Bloomberg were to win the presidency, he would not accept any political donations or earn a salary while in office.

“He has never taken a political contribution in his life. He is not about to start,” Bloomberg chief adviser Howard Wolfson said in an interview, “He cannot be bought.”

Bloomberg is estimated to be the 9th richest person in the United States, and has reserved more than $30 million in TV advertisements, scheduled to run beginning on Sunday in primary states.

With a personal fortune of $50 billion, Bloomberg's candidacy will likely shake up the open race, with 17 candidates already vying to be the Democratic nominee to take on Trump next year.