Mike Bloomberg drops out of presidential race and endorses Joe Biden after Super Tuesday disappointment

Former New York City Mayor Mike Bloomberg dropped out of the Democratic presidential primary and endorsed former Vice President Joe Biden on Wednesday after failing to be competitive on Super Tuesday — a day which he poured hundreds of millions of dollars into.

Bloomberg, whose campaign staff reportedly wanted him to drop out before Super Tuesday, skipped the first four states of the primary in order to invest fully in the delegate-heavy Super Tuesday states, but that strategy fell flat as Biden and Sen. Bernie Sanders (I-Vt.) won all 12 of the states that have been called, and lead in the remaining two states.

Bloomberg issued a statement announcing his withdrawal from the race and support for 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.

After gaining momentum in the polls through hundreds of millions in ad spending, Bloomberg qualified for the Nevada and South Carolina debates, where he performed poorly and was attacked heavily by the other candidates — perhaps most aggressively by Sen. Elizabeth Warren (D-Mass.), who attempted to resurrect her own failing campaign at his expense.

After Sanders appeared to be running away with the election after the first three primary contests, the race has shifted in favor of Biden with a huge win in South Carolina, followed by endorsements from former candidates Pete Buttigieg, Sen. Amy Klobuchar (D-Minn.) and Beto O'Rourke.

Bloomberg's exit and endorsement will likely result in many of the former mayor's supporters turning to Biden as the only remaining moderate alternative to the democratic socialist Sanders.