Billionaire media mogul Michael Bloomberg, the former mayor of America's largest city, jumped into the race for the Democratic U.S. presidential nomination on Sunday as a moderate with deep pockets unabashedly aiming to beat fellow New Yorker Donald Trump in the November 2020 election.

Bloomberg's belated entry into the race - just three months before the first of the state-by-state party nominating contests - reflects his skepticism that any of the other 17 Democratic candidates can unseat the Republican president.

He will face significant disadvantages because of his late start, which means he will be playing catch-up with rivals who have been putting together campaign staffs for months.