BREAKING: Mike Bloomberg Drops Out After Super Tuesday Flop

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Mike Bloomberg is dropping out of the 2020 race.

The billionaire former mayor of New York is suspending his campaign after a poor showing on Super Tuesday — despite blowing more than half a billion dollars on the race.

Bloomberg, long heralded as a data-driven billionaire, likely saw the pathway forward for his campaign evaporate after his rival moderate Joe Biden surged on Tuesday night, leaving him with a single victory: American Samoa.

In a statement released by his campaign, Bloomberg endorsed Biden.

“Three months ago, I entered the race for President to defeat Donald Trump. 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,” he wrote. “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.”

“I’ve had the chance to work with Joe on those issues over the years, and Joe has fought for working people his whole life. Today I am glad to endorse him – and I will work to make him the next President of the United States,” he added.

This story is breaking and will be updated.