Impact of former NYC mayor’s potential presidential bid

Billionaire Mike Bloomberg just took a major step toward running for the Democratic presidential nomination, which could change the 2020 race for the White House.
1:27 | 11/22/19

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Transcript for Impact of former NYC mayor’s potential presidential bid
There are also new developments in the race for the white house this morning. Former New York City mayor Michael Bloomberg has just taken a major step toward running for the democratic presidential nomination. Linsey Davis has more from the Bloomberg tower here in midtown Manhattan, good morning, linsey. Reporter: Hey, good morning to you, Cecilia. Okay, so here's the big announcement. The headline basically is that Michael Bloomberg is officially dipping his toe into the presidential waters this. Is just a procedural move and not at all an official announcement but by filing paperwork with the federal election commission, it officially declares the former New York mayor a candidate for president of the United States and it allows had him to raise money for a run for the white house but Bloomberg's people are telling ABC news this is just one step, not a final decision to run. Now, that said, Bloomberg has also filed to appear on the ballot in five states spending more than $100 million on ads and voter registration efforts in key states. Now, this all reportedly propelled by the billionaire's concerns about if the current front-runners could actually defeat president trump. Now, a little bit of trivia for you this morning, I'm sure George already knows this off the top of his head but the last time that this apparent strategy actually worked as far as bypassing the early contests and going on to nab the nomination, 1968 with Hubert Humphrey. George. I hadn't had that at the top of my head. I'm glad you reminded me, linsey.

This transcript has been automatically generated and may not be 100% accurate.

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