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Former New York City Mayor Michael Bloomberg officially announces presidential run

Former New York City Mayor Michael Bloomberg formally announced he is running for president, the billionaire announced on his website Sunday.

Bloomberg, 77, wrote a letter on his campaign website, laying out a more moderate vision for the country, calling himself as "a doer and a problem solver -- not a talker."

"I’m running for president to defeat Donald Trump and rebuild America," Bloomberg wrote on his website.

In a video to kick off his candidacy, Bloomberg presented an outline of what he will focus on during the campaign, The Washington Post reported.

Bloomberg's campaign has made more than $30 million in television advertising reservations, the Post reported, with the advertising blitz to begin Monday.

Bloomberg also announced a $100 million ad campaign to criticize Trump in key battleground states and a $15 million voter registration effort in those same states, the newspaper reported.

Bloomberg's wealth has been estimated at more than $50 billion, The New York Times reported.