Michael Bloomberg s late entry into the 2020 race is based on a widespread fear among Democrats that Joe Biden s campaign is in a dire place

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Former New York Mayor Michael Bloomberg's expected entrance into the 2020 race is a clear sign that the billionaire thinks former Vice President Joe Biden's campaign is on the rocks.

Biden faces an increasingly strong challenge from Sen. Elizabeth Warren while being dogged by a series of gaffes and concerningly low fundraising numbers.

But many Democrats say Bloomberg is longshot against Biden, who's benefited from decades in the national spotlight and has developed deep loyalty among a broad segment of Democratic voters.

But Bloomberg also has key strengths including very deep pockets and an experienced political team that make an entrance this late in the game feasible.

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Former New York City Mayor Michael Bloomberg's expected entrance into the 2020 race is being interpreted by many Democrats as a clear challenge to former Vice President Joe Biden's moderate presidential bid.

Bloomberg is reportedly preparing to file paperwork in the coming days to run in at least one state after announcing last March that he wouldn't join the race. His decision to stay out of the race earlier this year was widely perceived as a vote of confidence in Biden's candidacy. See the rest of the story at Business InsiderNOW WATCH: Extremists turned a frog meme into a hate symbol, but Hong Kong protesters revived it as an emblem of hopeSee Also:3 glaring reasons why a potential Michael Bloomberg presidential bid might be doomedPete Buttigieg has emerged as the heir to Biden s dominance in the moderate 2020 Democratic lane, besting several senators in the processForget Kentucky and Virginia, the worst election news for Republicans came out of suburban PennsylvaniaSEE ALSO: The 25 women who have accused Trump of sexual misconduct