As of Sunday, another Democrat has announced his bid to become the next president of the United States in 2020.

Former New York City Mayor Michael Bloomberg, who is also the 14th richest person on the planet with a net worth of $58 billion, says he’s running because he doesn’t believe anyone else has a chance to win against President Trump.

According to a statement on Bloomberg’s campaign website, “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.”

But despite Bloomberg’s fervency to win the presidential bid, some people believe there may be some cause for concern in regards to his political, seemingly “switcheroo” background. According to a New York Times article, Bloomberg is worried about his party’s “leftward drift.” However, prior to 2001, he was registered as a Democrat. He switched parties from 2001-2007 and registered as a Republican. He switched parties again from 2007-2018, wherein he was registered as an Independent, and from 2018 until now, he’s become a Democrat again.

Bloomberg’s late entry has left him playing catch-up. He recently spent $37 million on ads to outline his agenda, which trumps any other candidate’s campaign budget for advertisements. One of his big-ticket issues, as was told in his announcement video, is his idea to put higher taxes on the wealthy. Some believe this is a strategic move to balance out criticisms of multibillionaires exerting their power and influence as POTUS.

If he qualifies for the next debate, Bloomberg will be seen on stage on Dec. 19, alongside other Democratic nominees.