Billionaire media mogul Michael Bloomberg, the former mayor of New York, entered the race for the Democratic US presidential nomination on Sunday.
The moderate former Republican is aiming to beat fellow New Yorker Donald Trump in the November 2020 election.
Mr Bloomberg's late entry into the race, three months before the first of the state-by-state party nominating contests, reflects his scepticism that any of the other 17 Democratic candidates could unseat the Republican president.
"I'm running for president to defeat Donald Trump and rebuild America," Mr Bloomberg, 77, said while launching his campaign.
"We cannot afford four more years of President Trump's reckless and unethical actions."
Mr Bloomberg said in March that he would not run for president.
He will compete against former vice president Joe Biden and Mayor Pete Buttigieg of South Bend Indiana to become a moderate alternative to liberal senators Elizabeth Warren and Bernie Sanders.
Mr Bloomberg, founder and chief executive of prominent media company Bloomberg and a leading philanthropist, has a financial advantage over his Democratic rivals.
He has spent at least $31 million (Dh113.8m) in television ads that will run in states across the country over the next two weeks, a campaign spokesman said.
Mr Bloomberg has won allies in the party with his advocacy and philanthropy on climate change and pouring millions of dollars into groups pushing for more restrictive gun laws.
He will be playing catch-up with rivals who have been putting together campaign staffs for months.
Ranked by Forbes as the eighth-richest American, with an estimated worth of $53.4 billion, Mr Bloomberg joins activist Tom Steyer as the second billionaire to enter the Democratic race.
He has the advantage of being able to finance his own campaign and pour millions of dollars into advertising and hiring staff.
Mr Bloomberg announced in November a $100m online ad campaign against Mr Trump in four battleground states.
"We do not believe that billionaires have the right to buy elections," Mr Sanders said in a Twitter post on Sunday.
"That is why multi-billionaires like Michael Bloomberg are not going to get very far in this election."
While some Democratic candidates had warned against making the election all about Mr Trump, Mr Bloomberg kept the focus squarely on the incumbent president, with whom he has been well acquainted for decades.
Mr Trump was a notable New York real estate developer during Mr Bloomberg's three terms as mayor from 2002 to 2013.
"I know what it takes to beat Trump, because I already have. And I will do it again," he said.
Mr Bloomberg stressed his success as a self-made businessman from humble roots, a "doer and a problem solver, not a talker".
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'Doctor Strange in the Multiverse Of Madness'
Director: Sam Raimi
Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams
Rating: 3/5
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What are the influencer academy modules?
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BMW M5 specs
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Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
