The already crowded democratic field has added one more candidate.

On Sunday, Michael Bloomberg announced his presidential bid. In a letter on his campaign website, Bloomberg explains that he's "a doer and a problem solver" who is focused solely on President Trump. 

"I'm running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of President Trump's reckless and unethical actions," Bloomberg wrote. "He represents an existential threat to our country and our values. If he wins another term in office, we may never recover from the damage. The stakes could not be higher. We must win this election. And we must begin rebuilding America." 

Earlier this year, Bloomberg declared that he would not be running for President. But after becoming acquainted with the plans and policies of the current candidates, Bloomberg reportedly feels as though they aren't equipped to defeat Trump. As a result, Bloomberg has been setting the stage for Sunday's announcement. Last week, he apologized to a group of minority New Yorkers for supporting the stop-and-frisk policy. And while most of the field is struggling to find funding, the billionaire has already allotted $37 million to creating television ads.

Bloomberg began his political career as the Republican mayor of New York City in 2001. During his second term as the city's mayor, he switched to being an Independent before registering as a Democrat in 2018. Although he's new to the party, Bloomberg has been instrumental since becoming a Democrat. According to CNN, he spent $100 million to help the party take control of the House during the 2018 midterm elections as well as fund important races in states like Virginia.

Bloomberg's excessive wealth will likely meet opposition from candidates like Sen. Elizabeth Warren and Sen. Bernie Sanders, who oppose the concept of buying elections. But this won't stop him from putting all his chips on the table. Bloomberg will not compete in the first four primaries. Yet, he's hoping that the money he's spending on advertising will build him support in the states that hold their primaries on Super Tuesday (March 3). A strong performance on Super Tuesday could separate him from the pack.