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Mike Bloomberg Drops Out of Presidential Race, Endorses Joe Biden

Billionaire fell short in the Democratic primary on Super Tuesday

Michael Bloomberg has dropped out of the presidential race after falling short on Super Tuesday in the Democratic primary. The billionaire and former New York City mayor has endorsed Joe Biden for president over the other frontrunner Bernie Sanders.

The announcement was made via Bloomberg’s official Twitter account.

“Three months ago, I entered the race to defeat Donald Trump. Today, I’m leaving for the same reason,” the post read. “Defeating Trump starts with uniting behind the candidate with the best shot to do it. It’s clear that is my friend and a great American, @JoeBiden.”

Tuesday was the former New York governor’s first appearance on a ballot in the election cycle, and he even picked up some delegates with a victory in American Samoa and in many states that voted Tuesday outpolled Elizabeth Warren. Bloomberg had spent over $500 million of his personal fortune on campaign ads that saturated the media landscape, even with ads that appeared during several of the Democratic debates.

But Tuesday’s election effectively winnowed the Democratic field to a two-person race, between Sanders and Biden. Biden specifically got a windfall of support and moved into the lead.