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Michael Bloomberg Ends Presidential Campaign, Endorses Biden

Bloomberg spent millions of dollars (out of his own estimated $61.8 billion fortune) on advertising for his presidential campaign.

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Michael Bloomberg announced Wednesday that he’s ending his presidential campaign. The billionaire and former New York City mayor was the latest candidate to enter the Democratic primary. He spent more than $560 million on ads and had just one win on Super Tuesday: American Samoa

“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 said in a statement. “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. But I remain clear-eyed about my overriding objective: victory in November. Not for me, but for our country. And so while I will not be the nominee, I will not walk away from the most important political fight of my life.”

In the statement rescinding his candidacy, Bloomberg also endorsed Joe Biden for the Democratic nomination, calling him, “my friend and a great American.”

Bloomberg spent millions of dollars (out of his own estimated $61.8 billion fortune) on advertising for his presidential campaign, which included reaching out to prominent meme accounts and securing a Super Bowl commercial. Throughout his campaign, he came under fire for past comments supporting the controversial “stop-and-frisk” policy during his time as mayor. He was also confronted by Sen. Elizabeth Warren during two debates about whether his company would release former employees from nondisclosure agreements

Earlier this year, Bloomberg told the New York Times that he hasn’t ruled out spending $1 billion of his own money to beat Trump — even if he himself doesn’t get the 2020 nomination.