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Michael Bloomberg preparing to enter 2020 race

Billionaire former New York City Mayor Michael Bloomberg is preparing to enter the Democratic presidential primary, filing paperwork this week designating himself as a candidate in Alabama ahead of the Friday deadline, the New York Times reports.

NBC News confirmed the report with Bloomberg’s spokesman.

According to the spokesman, Howard Wolfson, the billionaire businessman believes that the field of 2020 Democrats isn’t strong enough to beat President Donald Trump.

“We now need to finish the job and ensure that Trump is defeated — but Mike is increasingly concerned that the current field of candidates is not well-positioned to do that,” Wolfson said in a statement to NBC News. “If Mike runs, he would offer a new choice to Democrats built on a unique record running America’s biggest city, building a business from scratch and taking on some of America’s toughest challenges as a high-impact philanthropist.”