"We cannot afford four more years of President Trump's reckless and unethical actions," the former New York mayor said.
"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."
With a personal fortune of USD 50 billion, Bloomberg will shake up the open race, with 17 candidates already vying to be the Democratic nominee to take on Trump next year.
Former vice president Joe Biden leads the race ahead of left-wingers Elizabeth Warren and Bernie Sanders, with moderate Pete Buttigieg in fourth place, according to national polls.
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