Billionaire and philanthropist Tom Steyer officially entered the 2020 presidential race on Tuesday.

Steyer — who is best known for his “need to impeach” campaign against President Donald Trump — shared his announcement video on Twitter.

“I think what people believe is that the system has left them,” Steyer said in his announcement video, in which he decried the heavy influence of major financial institutions and pharmaceutical companies on politics. “I think people believe that the corporations have bought the democracy.”

Steyer’s name had begun being floated as a potential presidential candidate in January, when he visited Iowa, the site of the caucuses that kick off the primary election season. At the time, the 62-year-old billionaire had said he would not run for president.

SLIDESHOW: TOP DEMOCRATS RUNNING FOR PRESIDENT IN 2020

Steyer joins an already crowded 23-candidate Democratic field for the 2020 presidential race. His bid comes just one day after Rep. Eric Swalwell (D-California) withdrew his candidacy on Monday. He has donated significant amounts of money to support Democratic candidates in recent elections, including the 2018 midterm elections. Steyer spent $120 million on campaign contributions for the 2018 midterms.

Earlier this year, Steyer said he was happy with some of the other Democratic 2020 contenders like Sen. Elizabeth Warren (D-Massachusetts) and Gov. Jay Inslee (D-Washington), who early on made bold proposals regarding economic reform and climate change, respectively.

 

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