Michael Bloomberg is officially running for president

He's running. For real this time.

Former New York City Mayor Michael Bloomberg formally announced his long-anticipated Democratic presidential bid Saturday. Bloomberg, one of the world's richest people, said he believes his "unique set of experiences in business, government, and philanthropy will enable me to win and lead."

Observers have been speculating Bloomberg would enter the race for weeks, especially after he filed for the Alabama primary and apologized for the "stop and frisk" policing policy he oversaw when he was running the show in New York. But he kept his final decision under wraps.

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Bloomberg, who only officially became a Democrat last year, had dismissed the possibility of running in the early days of the primary, but was reportedly convinced to jump in because of what he perceived as former Vice President Joe Biden's inability to lock down the moderate vote. The early sense is that the more progressive wing of the Democratic Party will be a tough hurdle for Bloomberg — even before Sunday's announcement, candidates like Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) took aim at the billionaire.

Bloomberg reportedly won't accept any political donations and would refuse to accept a salary if elected to the White House. Read more at The Associated Press.