Michael Bloomberg has suspended his presidential campaign, his campaign said.
The former New York City mayor made the announcement Wednesday morning following disappointing results in Tuesday’s primaries.
“Three months ago, I entered the race for President to defeat Donald Trump. Today, I am leaving the race for the same reason: to defeat Donald Trump – because it is clear to me that staying in would make achieving that goal more difficult," he said in a statement.
In the statement, Bloomberg announced he will be endorsing 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.
“I’ve known Joe for a very long time. I know his decency, his honesty, and his commitment to the issues that are so important to our country – including gun safety, health care, climate change, and good jobs.
“I’ve had the chance to work with Joe on those issues over the years, and Joe has fought for working people his whole life. Today I am glad to endorse him – and I will work to make him the next President of the United States.
Tuesday's primaries was the first time Bloomberg's name was on the ballot. His only victory on Tuesday came from the tiny US territory of American Samoa, which only had six delegates up for grabs.
Bloomberg has spent almost $500 million to make himself relevant in the campaign.