As of this morning, Former New York City Mayor Mike Bloomberg has officially announced that he is joining the 2020 presidential race.

"I’m running for president to defeat Donald Trump and rebuild America," Bloomberg said in a recent tweet, further explaining by adding, "I believe my unique set of experiences in business, government, and philanthropy will enable me to win and lead."

The move had been rumored for weeks, but now, it is official. Bloomberg will also be spending upwards of $30 million on an expansive ad campaign, according to The New York Times. The first TV ad is out now. It explains Bloomberg's promise "to rebuild the country and restore faith in the dream that defines us: where the wealthy will pay more in taxes and the middle class get their fair share; everyone without health insurance can get it and everyone who likes theirs, keep it; where jobs won’t just help you get by but get ahead.”

Bloomberg has faced controversy in the past for having pioneered the extremely controversial Stop and Frisk policing policy in New York that resulted in minority groups being severely impacted. In recent weeks, he has attempted to apologize for that misstep.

According to CNBC, Bloomberg’s campaign communications director Jason Schecter said, “Mike has never accepted campaign contributions and never will. He is wholly independent of special interests. He is only focused on doing what’s right, without fear or favor.”