Michael Bloomberg, founder of Bloomberg a financial publishing company is likely to battle it out with President Donald Trump come 2020 US general elections.
Bloomberg, who is also a former New York City mayor, has expressed his desire to enter the race for the US Democratic Party Presidential nominations.
Through his adviser, Howard Wolfson, he said the existing candidates are not good enough to stage a competition with Trump in the coming elections.
This week, the billionaire is expected to file paperwork for the Democratic Presidential primary in Alabama.
Currently there are 17 Democratic candidates vying to battle it out with President Trump including Vermont Senator Bernie Sanders, Massachusetts Senator Elizabeth Warren and former Vice President Joe Biden who are considered frontrunners in the Democratic Party.
In a report by BBC, Bloomberg’s adviser Wolfson in a statement said they are ready to do what is required to ensure Trump is defeated.
“We now need to finish the job and ensure that Trump is defeated.
“But Mike is increasingly concerned that the current field of candidates is not well positioned to do that.
“Based on his record of accomplishment, leadership and his ability to bring people together to drive change, Mike would be able to take the fight to Trump and win,” Mr Wolfson said.
Bloomberg has a net worth of $52bn according to Forbes and has donated millions of dollars to support education, health and in many other causes.
The 77-year old has also actively highlighted climate change and gun control as key issues to be dealt with.