Michael Bloomberg officially declares White House bid

Billionaire businessman Michael Bloomberg ended weeks of speculation — marked by a stunning mea culpa for his past defense of ‘stop and frisk’ — and formally declared himself a Democratic candidate for the White House on Sunday.

The media mogul, New York City’s last three-term mayor, declared to supporters in a launch video and statement, “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.”

“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. I believe my unique set of experiences in business, government, and philanthropy will enable me to win and lead,” said Bloomberg, who had ruled out a presidential run as recently as March.