Michael Bloomberg, the billionaire former mayor of New York City, jumped into the Democratic presidential race on Sunday, adding another moderate voice to a crowded field of White House contenders.

The move is an about-face for Bloomberg, 77, who said in March that he would not make a 2020 run for the White House. "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 said in a statement.