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Photo: Paul Morigi/Getty Images for Bloomberg Philanthropies

Mike Bloomberg is jumping into the Democratic presidential race because he believes that Joe Biden is fading, opening the moderate lane next to Elizabeth Warren, sources close to the former New York mayor tell Axios.

Why it matters: "Mike will spend whatever it takes to defeat Donald Trump," a Bloomberg source said. "The nation is about to see a very different campaign than we’ve ever seen before."

  • I'm told there's no way he'll later run as a third-party or independent candidate, partly because of ballot-access hurdles.

Theory of the case: Bloomberg, who according to Forbes is worth $52 billion, will self-fund, allowing him to run an essentially national campaign at a time when the rest of the field is raising money and focusing on early states.

  • Bloomberg, who will make a final decision "soon," isn't expected to seek or accept campaign contributions, according to a second source.
  • Bloomberg had been focused on how he could best influence 2020 from the outside. But he increasingly became concerned that all the leading Democrats have weaknesses Trump could exploit in the general election.
  • Bloomberg sees himself as an anti-Trump: practical and pragmatic, a self-made business leader, committed to issues such as climate and guns, and someone who recognizes the value of multilateralism and coalitions over isolationism.

What's next: The Bloomberg buzz ignited yesterday with the news that he'll file today to qualify for the primary in Alabama, which has an early filing deadline.

  • I'm told he'll quickly ramp up in other states with deadlines approaching, including Arkansas, New Hampshire, Florida, California and Texas.

Reality check: Given the progressive tides in the Democratic Party, there's no sign that a 77-year-old billionaire is what primary voters are pining for.

  • Biden is sucking wind on money, and now Bloomberg is moving into his lane with unlimited cash.

Go deeper: Michael Bloomberg is giving his friends a copy of his new biography

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Go deeper

American Carissa Moore wins first-ever women's Olympic gold in surfing

Carissa Moore of Team USA surfs during the women's Quarter Final on day four of the Tokyo 2020 Olympic Games at Tsurigasaki Surfing Beach in Ichinomiya, Chiba, Japan, on Tuesday. Photo: Ryan Pierse/Getty Images

Team USA's Carissa Moore won gold in the first-ever Olympic women's surfing final, at the Tokyo Games on Tuesday.

The big picture: The four-time world champion surfer from Hawaii was touted as a gold-medal favorite ahead of the finals, which were brought forward a day due to the threat of Tropical Storm Nepartak. Brazil's Italo Ferreira won the gold medal in the inaugural men's Olympic surfing contest.

Editor's note: This a breaking news story. Please check back for updates.

Updated 16 mins ago - World

Hong Kong judges return guilty verdict in first security law trial

Activist Tong Ying-kit arrives at the West Kowloon court in Hong Kong in 2020. Photo: Isaac Lawrence/AFP via Getty Images

Tong Ying-kit, the first person to be charged and tried under Hong Kong's national security law was found guilty of terrorism and inciting secession by three judges Tuesday, per Bloomberg. The 24-year-old had pleaded not guilty to the charges.

Why it matters: The law passed by the ruling Chinese Communist Party last year carries the maximum sentence of life imprisonment. In a departure from the Asian financial hub's common law traditions, Tong was denied a jury trial.

Updated 1 hour ago - Sports

Olympics dashboard

🎾: Naomi Osaka eliminated from Olympic tennis tournament

🏊‍♀️: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

✊🏿: Costa Rican gymnast pays tribute to Black Lives Matter in Olympic routine

🥇: Weightlifter Hidilyn Diaz wins the Philippines' first Olympic gold

🤖: The robot Olympics

🌡: Heat wave brings scorching temperatures to Tokyo Olympics

Go deeper: Full Axios coverage - Medal tracker