Michael Bloomberg has dropped out of the race to be the Democratic nominee for the 2020 presidential election.
The billionaire, who has an estimated net worth of $60bn (£46.7bn), entered the race in November and attempted to self-fund his way to win the Democratic Party nomination. But lacklustre results from Super Tuesday have encouraged him to drop out.
On Wednesday, it was announced Mr Bloomberg would be leaving the race and endorsing former vice president Joe Biden.
“I’m a believer in using data to inform decisions. After yesterday’s results, the delegate math has become virtually impossible – and a viable path to the nomination no longer exists,” Mr Bloomberg said in a statement. “But I remain clear-eyed about my overriding objective: victory in November. Not for me, but for our country. And so while I will not be the nominee, I will not walk away from the most important political fight of my life.
“I’ve always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it. After yesterday’s vote, it is clear that candidate is my friend and a great American, Joe Biden,” he added.
He spoke to supporters in New York later on Wednesday to officially confirm his endorsement of Mr Biden. During the speech, he reiterated his commitment to the Democratic Party beating President Donald Trump come November.