Billionaire Michael Bloomberg has ended his presidential campaign and endorsed Joe Biden after spending millions of dollars of his own funds on his presidential run.
The former mayor of New York suspended his Democratic primary race after failing to win any of the 14 states on offer on Super Tuesday, which is the most important day in the Democratic primary season.
"Three months ago, I entered the race to defeat Donald Trump. Today, I'm leaving for the same reason," he said in a tweet on Wednesday.
"Defeating Trump starts with uniting behind the candidate with the best shot to do it. It's clear that is my friend and a great American, Joe Biden," Bloomberg noted.
He said he was "immensely proud" of his campaign and grateful to the American people who voted for him.
The 78-year-old Bloomberg had bet his run on Super Tuesday after deciding to skip the first four voting states but all he picked up was a consolation victory in American Samoa, a tiny territory in the Pacific.
"Mini Mike Bloomberg just 'quit' the race for President," Trump tweeted.
"I could have told him long ago that he didn't have what it takes, and he would have saved himself a billion dollars, the real cost. Now he will pour money into Sleepy Joe's campaign, hoping to save face. It won't work!"
Mini Mike Bloomberg just “quit” the race for President. I could have told him long ago that he didn’t have what it takes, and he would have saved himself a billion dollars, the real cost. Now he will pour money into Sleepy Joe’s campaign, hoping to save face. It won’t work!— Donald J. Trump (@realDonaldTrump) March 4, 2020
Bloomberg, who was regularly attacked by Trump as "Mini Mike," during his short-lived campaign, touted his commitment to fighting climate change and gun control.
But he struggled to shake off controversy surrounding his "stop and frisk" policy when he was New York mayor which indiscriminately targeted minorities, reported AFP.
He also endured a widely criticised debate performance in Nevada two weeks ago.