Michael Bloomberg announced Sunday he is running for president, bringing a narrow following but boundless bank account to the crowded Democratic primary.

The 77-year-old former New York City mayor, positioning himself as a centrist alternative to Joe Biden, launched his candidacy in an online video that is part personal story, part attack on President Donald Trump.

“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,” Bloomberg declared in a statement Sunday. “If he wins another term in office, we may never recover from the damage.”

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