Bloomberg Drops Presidential Bid and Backs Biden

Michael Bloomberg drops out of the race for president and backs Joe Biden.

Michael Bloomberg, the business-data executive who invested hundreds of millions of dollars of his personal fortune in a long shot attempt to garner the Democratic presidential nomination, dropped out of the race Wednesday morning and backed former Vice President Joe Biden.

Bloomberg on Super Tuesday won the primary in American Samoa but otherwise came up short in the national primary balloting.

On Wednesday, Bloomberg tweeted: "Three months ago, I entered the race to defeat Donald Trump. Today, I'm leaving for the same reason. 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's decision to exit leaves Biden, Vermont Sen. Bernie Sanders, Massachusetts Sen. Elizabeth Warren and Hawaii Rep. Tulsi Gabbard still in the race.

Biden swept the Super Tuesday primaries across the South, along with Minnesota and Warren's home state of Massachusetts. Sanders took California, Utah, Colorado and his home state of Vermont.

Bloomberg has said that even if he didn't gain the Democratic Party nomination, he would put his resources to work to defeat Trump.

Following Bloomberg's decision, Trump wrote in a tweet that "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!"