On Thursday, it was reported that there may be a new candidate entering the already incredibly crowded 2020 Democratic presidential race. That person is frequent President Trump critic, billionaire, and former New York City Mayor Michael Bloomberg.

The news comes from Alabama where a Bloomberg staffer petitioned to get his name on the Democratic ballot ahead of Friday’s filing deadline. While this does not mean for sure the billionaire is running, it does contradict his announcement earlier this year that he definitely would not be running.

President Trump does not seem worried about his old friend entering the race against him. When asked about the news the President said, “He doesn’t have the magic to do well. ‘Little Michael’ will fail.” He also added, “There’s nobody I’d rather run against than ‘Little Michael’.” “Little” is in reference to Bloomberg’s diminutive height, which is listed at 5’8”.

The President continued to elaborate on his history with the 14th richest man in the world and how well he knows hi, saying, “You go back, early on, he’s said a lot of great things about Trump. But I know Michael. He’s …. he’s really a nothing. He’ll spend a lot of money, and he’s got some really big issues. He’s got some personal problems. He’s got a lot of other problems.”

The entrance of such a well-known and well-funded Democratic candidate confirms what many people, both inside and outside of the Democratic party, have long believed. Which is that this current field of Democratic presidential hopefuls is uninspiring and has little to no chance to beat President Trump in 2020.