Bloomberg, who entered in late January, has attempted to win voters over with a heavily commercialized campaing to sway voters into supporting his candidacy for the presidency.
Following his announcement, Bloomberg's campaign team announced that the New York City Mayor was supporting former Vice President Joe Biden in his quest for the candidacy.
“A viable path to the nomination no longer exists,” Bloomberg, 78, said in a statement. Endorsing Biden, Bloomberg said: “I will work to make him the next president of the United States.”
The media billionaire did not say whether he would spend part of his fortune to help Biden, but Bloomberg’s absence from the race will help the former vice president. Both men appeal to the centrist wing of the Democratic Party.
In a tweet addressed to Bloomberg, Biden wrote, “I can’t thank you enough for your support—and for your tireless work on everything from gun safety reform to climate change. 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.”
With Bloomberg, Amy Klobuchar and Pete Buttigieg ending their campaigns, Biden has begun to surge in the recent polls, winning as many as nine states out of the 14 that are up for grabs.
Among Biden's victories was the state of Texas, which was a major boost for his campaign and a significant blow to his opponents Elizabeth Warren and Bernie Sanders.
In another move that could reshape the race, Elizabeth Warren, 70, is “talking to her team to assess the path forward,” a campaign aide said.
The liberal U.S. senator from Massachusetts, who was seeking to become the nation’s first female president, had disappointing results across the board on Tuesday, including coming in third in her home state.
A resurgent Biden, 77, rolled to electoral victories across the South, Midwest and New England, setting up a one-on-one battle against Sanders, who won three states and led in California.