WASHINGTON, March 4 -- Former New York City Mayor Michael Bloomberg announced on Wednesday that he's suspending his presidential campaign and is endorsing former Vice President Joe Biden.
The announcement came after a disappointing finishing for Bloomberg in Super Tuesday's Democratic primaries, in which he only won American Samoa.
"I'm a believer in using data to inform decisions. After yesterday's results, the delegate math has become virtually impossible - and a viable path to the nomination no longer exists," Bloomberg said in a statement.
The billionaire entrepreneur, who made a late entry into the presidential race and has spent over 500 million U.S. dollars on advertising, also said that he's glad to endorse Biden, a moderate political veteran who most of the 14 states voting on Tuesday.
A champion of progressive policies, Senator Bernie Sanders of Vermont finished second but scored a major win in California, the state with the most pledged delegates to July's Democratic National Convention (DNC) in Milwaukee, Wisconsin.
Biden, in a tweet on Wednesday, thanked Bloomberg for his endorsement.
"This race is bigger than candidates and bigger than politics," Biden added.
David Axelrod, director of the University of Chicago's Institute of Politics, said Bloomberg's departure "was expected."
"He's a flinty-eyed realist and the numbers weren't there," the former chief strategist for Barack Obama's presidential campaigns. "The big news was his quick pledge to back Biden, with all the material support that implies. It could turn out to be one of the most meaningful developments of 2020."
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