Business Insider reports that former New York Mayor, Michael Bloomberg plans to throw his hat into the 2020 presidential race.
They say that his late entrance into the race is due to Bloomberg's belief that former Vice President Joe Biden's campaign is on the rocks.
Bradley Tusk, a venture capitalist and former campaign manager for Bloomberg told Business Insider, "The reason that Mike chose not to run back in March was out of respect for Biden's ability as a candidate, but the results just have not been there so far."
Biden's low fundraising numbers are one of the reasons he's reportedly being stomped by competitors, like Sen.
Political insiders say that Bloomberg's strengths include his extreme wealth and experienced political team.
But many Democrats are still betting on Biden's longstanding track record and "deep loyalty among a broad segment of Democratic voters."