Former New York City mayor Michael Bloomberg officially announced that he is running for president on Sunday, ending weeks of speculation over the billionaire’s presidential aspirations. The 77-year-old is positioning himself as a centrist alternative to former vice president Joe Biden, according to an online video that kicks off his campaign. “I’m running for president to defeat Donald Trump and rebuild America,” he says in the video launch that kicked off a $31 million advertisement campaign he set up late last week.

“We cannot afford four more years of President Trump’s reckless and unethical actions,” Bloomberg said in a statement issued Sunday to go with the video campaign. “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.”