Former New York City mayor Michael Bloomberg has formally joined the race to be the Democratic nominee for President of the United States.

The mega-billionaire filed federal papers declaring his candidacy eight months after ruling out such a bid in the first place.

Bloomberg’s dive into the race less than three months before the first votes in the Democratic Primaries, signals a growing unease with the democratic establishment that none of the other 17 candidates are well enough positioned to defeat Republican President Donald Trump next November.

Bloomberg who has a net worth estimated at 52 billion dollars and ran for Mayor of New York as a Republican before switching to become an Independent.

Several reports say that despite his filing with the Federal Election Commission, it is not yet definitive that he will seek the Democratic nomination.

Bloomberg’s possible entry follows last week’s announcement by former Massachusetts Governor Deval Patrick who also made a late entry into the race.

The current front-runners remain Senator’s Elizabeth Warren, Bernie Sanders, former Vice President Joe Biden and Indiana Mayor Pete Buttigieg who has surged in recent polls.