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Update, May 3, 2016, 9:15 p.m.: Ted Cruz dropped out of the presidential race after losing the Indiana primary to Donald Trump.

Sen. Ted Cruz, R-Texas, today becomes the first high-profile politician to formally announce a 2016 presidential bid. He enjoys certain advantages — and faces significant challenges — as he attempts to raise huge amounts of money to fuel a nationwide campaign.

Center for Public Integrity reporters Michael Beckel, Carrie Levine, Dave Levinthal and Dan Wagner have detailed many of them in this series of tweets:

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