Billionaire Mike Bloomberg, who spent hundreds of millions of dollars on campaign, on Wednesday, dropped out of the U.S. Democratic party’s presidential race due to under-performance on Super Tuesday.
“Three months ago, I entered the race for president to defeat Donald Trump. Today, I am leaving the race for the same reason.
“This is because it is clear to me that staying in will make achieving that goal more difficult,” he said.
Bloomberg said he endorsed former Vice President Joe Biden, who he said had the best shot to beat Trump in November.
The billionaire failed to win in any of the 14 states that voted on Tuesday, and secured a victory only in U.S. Samoa, a small outlying territory.
The day marked the 78-year-old’s first real test after he skipped earlier nominations.
Bloomberg had sought to take on Biden as the moderate front-runner, who was able to spend his almost limitless wealth to defeat Trump.
However, Biden, 77, saw a resurgence on Tuesday, winning at least nine states and setting up a two-way race between him and left-wing Sen. Bernie Sanders, for the Democratic party’s presidential nomination.
