Billionaire Michael Bloomberg announced on Wednesday morning that he is dropping from the 2020 presidential race.
Bloomberg, a former New York City mayor and registered Republican, joined the Democratic presidential primary late with superabundant funds at his disposal.
The Washington Examiner reports the “high-spending, self-funded campaign” was not enough to garner any real success.
Bloomberg’s decision to drop comes after he spent more than $538 million in television and media advertising, only to win 44 delegates on super Tuesday.
His delegate count put him fourth in the running, behind Joe Biden (453 delegates) Bernie Sander (382), and Elizabeth Warren (50)—all of which spent a fraction of what Bloomberg has to earn those delegates.
“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 on Wednesday.
— Washington Examiner (@dcexaminer) March 4, 2020
Bloomberg’s departure from the race will likely shift his more moderate voter base to back Biden, the candidate he subsequently endorsed to win.
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“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,” Bloomberg continued in the state, per the Washington Examiner.
BREAKING: Bloomberg is OUT.
He’s endorsing Joe Biden for president.
It is officially now the full might of the Dem establishment vs. Bernie Sanders & the insane radical wing of the socialist left.
Strap yourselves in.
— Jason Howerton (@jason_howerton) March 4, 2020
Here’s more, from the report:
The former New York City mayor and financial software mogul’s estimated $56 billion net worth allowed him near-unlimited cash to spend on his bid, and he refused to accept outside donations. Bloomberg placed $37 million in television ads nationwide, setting a record for money spent on presidential campaign television ads in one week. By the end of December, he had spent $117.8 million on television and digital advertisements.
Rival candidates scolded Bloomberg for his massive personal spending. Massachusetts Sen. Elizabeth Warren accused Bloomberg of trying to buy the presidency.
Bloomberg skipped competing in the first four nominating contests in Iowa, New Hampshire, South Carolina, and Nevada and instead directed resources across Super Tuesday states that were expensive for his competitors to reach. The tactic angered party officials in the early states, who argued candidates should demonstrate traditional grassroots strength.