(UTV|US election 2020) – After spending millions on his own campaign, Michael Bloomberg is dropping out of the 2020 presidential race.
“Three months ago, I entered the race for president to defeat Donald Trump. Today, I am leaving the race for the same reason,” he said in a statement.
Mr Bloomberg, a former mayor of New York City, spent at least $409m (£313m) of his own money in the race to become the Democratic Party’s nominee.
He said he would now support former Vice-President Joe Biden.
“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,” Mr Bloomberg said in his statement.
He spent $409m up to the end of January, according to filings with the Federal Election Commission, but is believed to have also spent heavily during February ahead of Super Tuesday.