Bloomberg announces White House bid

The former mayor of New York City is jumping into the crowded field for the Democratic presidential nomination a little more than two months before the Iowa caucuses. Michael Bloomberg, 77, formally declared his campaign for president on Sunday, ending weeks of speculation.

Why so late? Bloomberg previously ruled out a 2020 run but reconsidered after seeing former Vice President Joe Biden struggle to dominate in early polls. He has criticized some of his party’s more radical policies and calls himself a “new choice for Democrats” on his website. Bloomberg is one of the richest men in the world, so the party’s liberal base might reject his deep ties to Wall Street. Already, some rivals are accusing Bloomberg of trying to buy the Democratic nomination. He has vowed to spend at least $150 million of his fortune on his campaign. One of his advisers said the candidate would not accept political donations or take a salary if elected.

Dig deeper: From the WORLD archives, read why Bloomberg considered an independent presidential run in 2016.