Michael Bloomberg dropped out of the 2020 race on Wednesday after a poor showing on Super Tuesday and issued a statement endorsing former Vice President Joe Biden.
Bloomberg is the former mayor of New York and spent more than $500 million of his own money in the race to become the Democratic Party's nominee.
The full statement can be found here.
"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.
"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."
Michael Bloomberg. Benzinga file photo by Dustin Blitchok.