JUST IN: Bloomberg ends presidential campaign, endorses Joe Biden for president.

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CHARLOTTE, NC - FEBRUARY 29: Democratic presidential candidate, former New York City mayor Mike Bloomberg speaks during the Blue NC Celebration Dinner held at the Hilton Charlotte University Place on February 29, 2020 in Charlotte, North Carolina. Bloomberg is campaigning before voting starts on Super Tuesday, March 3. (Photo by Joe Raedle/Getty Images)

(CNB News)- Michael Bloomberg,ended his presidential campaign on Wednesday, closing out an audacious run that saw the former New York mayor spend hundreds of millions of his own money to fund his late entry bid.

An American businessman, politician, philanthropist, and author. He is the majority owner and co-founder of Bloomberg L.P.and was a candidate in the 2020 Democratic presidential primaries.

Bloomberg announced in an email to supporters:

“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,”

Bloomberg exits the race after a disappointing show on Super Tuesday that left him with only a single victory: American Samoa.

Bloomberg endorses Joe Biden

In a statement announcing that he is ending his presidential bid, former New York mayor Mike Bloomberg said that he is endorsing Joe Biden for president.

Bloomberg wrote:

“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.

Bloomberg tweets Biden is the best candidate to defeat Trump

Just minutes after dropping out of the race for president, Mike Bloomberg tweeted that he believes Joe Biden is the Democrats’ best chance to defeat Trump.

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