Andrew Yang, the entrepreneur who ran for President of the United States as a Democrat, generating an enthusiastic following dubbed the Yang Gang, is edging closer to running for New York City mayor.

Yang registered a committee with the Campaign Finance Board on Wednesday, allowing him to begin raising funds, according to CFB spokesperson Matt Sollars. He also opted into CFB’s 8-to-1 matching funds program that allow registered voters in New York City to contribute a maximum of $250 to a campaign that can then be matched eight times that amount. This could stretch small-dollar contributions to a maximum of $2,000, reducing corporate influence in elections.

Though Yang has formally opened a committee, he hasn’t officially declared a run for City Hall. His social media posts offer no indication that he has opened a campaign account. Should Yang make his run official, he’d be the second person of Asian descent to appear on the mayoral ballot, following then-city Comptroller/now State Senator John Liu who ran in 2013.

Much like his presidential run, Yang is a total outsider, having no real connections to the New York City world of politics, though he does have a residence in Hell's Kitchen. A self-made millionaire, Yang earned his money through a tutoring service he later sold to Kaplan.

Weeks before he opened a campaign committee, Yang dropped hints of a possible run, meeting with political heavyweights in the city including City Council Speaker Corey Johnson and Rev. Al Sharpton for advice on whether he should run for mayor, according to the NY Times.

Yang attracted a small but dedicated army of supporters during his failed primary campaign, drawing attention with several lofty proposals, including a universal basic income of $1,000 a month to every American. He also called on tech companies to pay customers for any data they obtain from them. He dropped out of the presidential race in February.

Other candidates in the nascent mayoral race include former US HUD Secretary Shaun Donovan, housing advocate Dianne Morales, attorney Maya Wiley, City Comptroller Scott Stringer, and Brooklyn Borough President Eric Adams. Also considering a run for mayor is Staten Island/Brooklyn Representative Max Rose, who lost his re-election bid to Representative-elect Nicole Malliotakis.

The race will be the first in the city’s history to be decided through ranked choice voting, where voters can rank up to five candidates in primaries and special elections held in the city. If no candidate secures 50% of the vote on the first tally, the last place candidate will be removed. Voters who had cast a ballot for the now-removed candidate will have their vote redistributed to the second candidate they ranked. The process continues until a winner is declared.