Michael Bloomberg, who reportedly spent $500M to self-fund his own 2020 presidential run, has announced today that he is suspending his campaign.
His decision came after a poor performance on Super Tuesday; so now he plans to endorse Joe 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,” Bloomberg said in a statement.
“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,” Bloomberg continued.
The billionaire and former New York Mayor jumped into the campaign for the Democratic nomination in November of 2019. His late entry forced him to bypass the early voting states and focus solely on Super Tuesday, but that strategy didn’t work in his favor.
Bloomberg launched his bid with a $31 million TV ad blitz, breaking forever President Barack Obama’s record campaign spending of $24 million on TV ads in one week.
All of that money, down the drain.