Bloomberg jumps into NYC mayor's race

NEW YORK (CNN) -- Billionaire media mogul Michael Bloomberg formally jumped into the New York City mayoral race on Tuesday.

"I'm running for mayor to build on what's been accomplished, not to tear it down," Bloomberg said in a campaign ad he released.

Bloomberg in 1997

Bloomberg runs Bloomberg L.P., a global communications company that provides news and financial services to thousands of businesses worldwide. His campaign began with a 60-second television commercial released to local stations in New York.

He is seeking the Republican nomination for mayor, one of several candidates hoping to succeed Mayor Rudy Giuliani, who is barred by law from seeking a third consecutive term.

Bloomberg campaign officials told CNN that Bloomberg did not appear in person to launch the campaign because he was scheduled to be at his daughter's graduation ceremony at Princeton.

GOP rival Herman Badillo criticized Bloomberg.

"The way he's announcing and the way he's performing is outrageous," Badillo said. "He has gotten all the Republican leaders behind him to get me out of the race."

But Giuliani voiced his support.

"I think he's qualified to be the mayor," Giuliani said. "He's run a very successful business. He's been innovative in the way he's run that business. He has a lot of management experience."

Bloomberg is expected to appear in public on Wednesday at several events, including a speech in the morning at Abyssinian Baptist Church in New York.