Michael Bloomberg kicks off campaign in Virginia

The billionaire former mayor of New York City kicked off his campaign for president of the United States at a crowded diner in Norfolk, Va.
1:56 | 11/26/19

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Transcript for Michael Bloomberg kicks off campaign in Virginia
Now, to the race for 2020 tonight, the newest presidential candidate, billionaire former New York City mayor Mike Bloomberg making his first campaign appearance at a diner in Virginia. Saying he knows how to beat president trump. But one of Bloomberg's democratic opponents, Elizabeth Warren, already saying he's trying to buy the nomination. ABC's linsey Davis from California. Reporter: The billionaire former mayor of New York City kicked off his campaign for president of the United States at a crowded diner in Norfolk, Virginia. Then, a low-key announcement in a hotel ballroom. We cannot afford four more years of president trump's reckless and unethical actions. Reporter: Bloomberg jumping in late in the game. He's skipping the first four primaries. Some are saying they see your decision to run now as an indication that you feel the current candidates in the field now are weak and they can't get the job done. Is that accurate? Well, let me phrase it this way. I think that there is a greater risk of having Donald Trump re-elected than there was before. Reporter: In Iowa, senator Elizabeth Warren firing back. Michael Bloomberg is making a bet about democracy in 2020. He doesn't need people. He only needs bags and bags of money. Work hard and you can make good. Reporter: Bloomberg, worth an estimated $53 billion, has already spent more than $37 million on TV ads. Today, reporters pressed him. Are you trying to buy the presidency? Look, for years I've been using my resources for the things that matter to me. I was lucky enough to build a successful company. It has been very successful and I've used all of it to give back to help America. Reporter: Tomorrow, Bloomberg plans to be in Phoenix, Arizona, a far cry from the snow and ice of Iowa and New Hampshire. It's an unusual strategy that Bloomberg believes will lead to the white house. David? Linsey Davis on the campaign trail for us. Linsey, thank you.

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

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