Former New York City mayor Michael Bloomberg is officially a candidate for president. The 77-year-old philanthropist brings the largest bank account to the 2020 race. His estimated net worth is more than $50 billion.

Bloomberg announced his candidacy in a tweet and accompanying video, part of an initial $34 million ad buy. The ad calls Bloomberg the “middle class kid who made good.”

Vox writes:

It’s been a long road to get here.In March, Bloomberg said he wouldn’t run for president. He also publicly ruled out an independent bid back in 2016. But now, he’s going to go for it after all.

“I’m running for president to defeat Donald Trump and rebuild America,” Bloomberg said in a Sunday statement. “We cannot afford four more years of President Trump’s reckless and unethical actions. … If he wins another term in office, we may never recover from the damage.”

The first votes will be cast in less than three months. Bloomberg will pitch himself as a more moderate voice in the Democratic race.