Michael R. Bloomberg ended his campaign for the 2020 Democratic presidential nomination and endorsed former Vice President Joseph R. Biden Jr.
After spending hundreds of millions of dollars and winning no states on Super Tuesday, the former New York City mayor announced Wednesday he is dropping out of the presidential race.
“Three months ago, I entered the race for President to defeat Donald Trump,” he said in a statement.
“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,” said the billionaire, who had spent more than $500 million on his candidacy.
“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,” Bloomberg said in the statement.
CNN reported Biden and Bloomberg spoke by phone Wednesday morning. Biden thanked Bloomberg for his endorsement and “tireless work on everything from gun safety reform to climate change” after the announcement.
“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,” Biden tweeted.
Biden accepted Bloomberg’s endorsement, saying in a tweet “This race is bigger than candidates and bigger than politics. It’s about defeating Donald Trump, and with your help, we’re gonna do it.’
The billionaire spent top dollar on his campaign, which based on the level of spending and support resulted in strong showings in Arkansas, North Carolina, Tennessee, parts of Texas and Oklahoma.
According to filings with the Federal Election Commission, Bloomberg spent $409m up to the end of January, but it’s believed to have also spent heavily ahead of Super Tuesday.
The billionaire only managed to win in American Samoa, out of the 14 states and territories which voted on Tuesday.
Bloomberg’s exit from the race comes shortly after Biden received the endorsements of Minnesota Sen. Amy Klobuchar and former South Bend, Indiana, Mayor Pete Buttigieg.
The president of America didn’t wait long to express his opinion on Bloomberg’s exit.
“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!”
According to the New York Times, Bloomberg’s retreat from the race was meant to unite the moderate wing of the Democratic Party behind Biden but also had the potential to antagonize Bernie Sanders supporters.
As a candidate, Bloomberg had criticized Senator Bernie Sanders as an unelectable candidate with unrealistic or bad ideas. Sanders, in turn, condemned Bloomberg as an avatar of the oligarch class that his campaign is trying to bring to heel.
The former mayor of New York entered the 2020 race in November, far later than any of his competitors, by using the slogan “Mike Will Get It Done,” running on his business record, and arguing that the best person to take on Trump is a wealthier New York business leader. Top Democrats, believing the former Republican could be the best hope at defeating Trump endorsed Bloomberg’s candidacy. However, Bloomberg’s unusual presidential campaign strategy of skipping the early states Iowa, New Hampshire, South Carolina, and Nevada and spending heavily on Super Tuesday just ran head-first into cold, hard reality.
“I’m not going to try to be somebody that I’m not,” Bloomberg said earlier this week before he dropped out of the race. “I can beat Donald Trump, and I don’t know that any of the others can.”