Michael Bloomberg, the billionaire former mayor of New York City, is preparing to get in the race for Alabama’s presidential primary, reported CBS News. 

This step would open the door for him to join the 2020 Democratic presidential campaign, even the final decision has not been made yet. 

The 77-year-old billionaire with a $52 billion fortune, has recently expressed his dissatisfaction with the direction that the Democratic candidates are heading. Bloomberg adviser Howard Wolfson said the former mayor is worried that the current crop of Democratic presidential candidates is “not well-positioned” to defeat Trump.

In March, Bloomberg declared his conviction in winning over President Trump on his Bloomberg company page, saying, “And I believe I would defeat Donald Trump in a general election.”

He reportedly holds a hard stance on climate change as the U.N. secretary-general’s special envoy for climate action, and gun control.

Elizabeth Warren quickly took to Twitter to welcome Bloomberg by sharing her tax plan calculator.

According to her calculator, Bloomberg is poised to pay $3.079 billion given his asset of $51 billion. 

Another socialist Democratic candidate Bernie Sanders also reacted upon learning about Bloomberg ‘s recent move. He tweeted.

Sanders stated on his website that his tax plan would apply to “the wealthiest 180,000 households in America,” in which an 8 percent tax will be imposed on wealth over $10 billion, lowering incrementally to a 1 percent tax on wealth equalling $32 million for a married couple.

Democratic presidential candidate Andrew Yang thinks Michael Bloomberg’s late entrance into the fight for the Democratic nomination will create challenges for the former New York City mayor, as he has missed several months of meeting people and participating in rallies.

According to the Real Clear Politics Poll, Biden is leading in 2020 Democratic presidential nomination polling data, followed by Warren in second place and Sanders in third place.