Watch Mike Bloomberg's first campaign event as a presidential candidate

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Former New York Mayor Mike Bloomberg is set to hold his first campaign event as a presidential candidate on Monday, a day after he launched his bid for the 2020 Democratic presidential nomination.

"We cannot afford four more years of President Trump's reckless and unethical actions," Bloomberg said on his campaign website. "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."

The billionaire former Republican said he will advocate for affordable health care, climate change proposals, gun control and for "raising taxes on wealthy individuals like me."

Bloomberg, whose net worth according to Forbes is about $55 billion, enters the race as two of the top Democratic contenders, Sens. Elizabeth Warren and Bernie Sanders, slam billionaires and promise to decrease wealth inequality.

Leading up to the announcement, Bloomberg launched a TV ad blitz of at least $31 million. Before this ad buy, former President Barack Obama held the record at $24 million for the most money spent in a week on TV ads.

The founder of the Bloomberg L.P. media company had teased the idea of a presidential bid for weeks prior to entering the race but said in March that he would not run for president. At 77, he's the same age as another Democratic centrist, former Vice President Joe Biden. Bloomberg entered the race in part out of concern that Biden was faltering and Warren was surging in the polls.

Update: This story has been updated to reflect that Bloomberg was to hold a campaign event.

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