Former New York City Mayor Michael Bloomberg has dropped out of the 2020 presidential race.
In a statement, he explained that staying in the race would make it more difficult for Democrats to defeat US President Donald Trump.
"Three months ago, I entered the race for president to defeat Donald Trump. Today, I am leaving the race for the same reason," he said.
Bloomberg had spent at least $409 million of his own money for the presidential race.
He has now announced support for former Vice-President 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."


US, India agree on trade deal and lower tariffs, says Trump
Israel reopens Gaza's Rafah border crossing to Egypt, with limits
US envoy Witkoff to visit Israel, meet Netanyahu, Israeli officials say
Russian drone strike kills 12 miners in Ukraine
Singapore to launch space agency in response to global investment surge
Five-year-old boy returns to Minnesota after ICE release
Reopening of Gaza's Rafah crossing expected Monday
Winter storm death toll in United States reaches 90
