Former New York City mayor Mike Bloomberg has suspended his 2020 presidential campaign and announced Wednesday morning that he will endorse former Vice President Joe Biden.
The decision comes one day after a disappointing Super Tuesday performance. He acknowledged after the primaries that the "delegate math has become personally impossible - and a viable path to the nomination no longer exists."
Bloomberg spent $500 million nationwide on his campaign since joining in November 2019, according to the Wall Street Journal. He skipped getting on the ballot in the first four states, putting everything into the 14 states and the territory of American Samoa that were contested Tuesday.
“I am immensely proud of the campaign we ran, the issues we raised, and the sweeping and achievable plans we proposed – including our Greenwood Initiative to right historic wrongs, fight racial inequality, and make the promise of equal opportunity real for the Black communities that have endured centuries of exploitation and discrimination," Bloomberg said in an emailed statement. "I will continue to work for sensible, common sense policy solutions that can get done."
The billionaire also said he would endorse Biden. He joins Former Sen. Amy Klobuchar and former South Bend, IN mayor Pete Buttigieg, who dropped out days before Super Tuesday, in endorsing the former Vice President.
“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," he said.
"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."
Biden thanked Bloomberg for his support on Twitter. "This race is bigger than candidates and bigger than politics," he said. "it's about defeating Donald Trump, and with your help, we're gonna do it."
President Donald Trump also weighed on in Bloomberg's decision, saying he "could have told him long ago that he didn't have what it takes."
78-year-old Bloomberg is one of the richest men in the world. He is worth an estimated $61 billion, according to the Associated Press.
Fellow democratic Elizabeth Warren also suffered a disappointing Super Tuesday. The senator was huddling with her campaign team Wednesday, trying to determine if there was a reason to stay in the race. An aide to the Massachusetts senator said she was speaking to staffers and assessing the path forward. The aide spoke on the condition of anonymity to discuss internal campaign moves.
The Associated Press contributed to this report.