Billionaire former New York Mayor Michael Bloomberg has officially announced he is standing to be the Democratic Party, presidential nominee.

In a statement, the 77-year-old said he was standing "to defeat Donald Trump and rebuild America".

He says the stakes could not be higher and they must win this election.

He joins 17 other candidates vying for the Democratic nomination to take on Trump in 2020.

As things stand, former Vice-President Joe Biden, Senators Elizabeth Warren and Bernie Sanders are the party's front-runners.

Source: BBC