Bloomberg Drops Out After Super Tuesday Rout, Endorses Biden

With Joe Biden's surprising Super Tuesday victories -- in states like Minnesota, Massachusetts, and Texas -- and a poor showing for Mike Bloomberg, the former New York City mayor announced on Wednesday he was ending his presidential campaign.

"Three months ago, I entered the race for President to defeat Donald Trump," Bloomberg said in a statement. "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."

Billionaire Bloomberg spent tens of millions on ads, boosting him in the polls and making him competitive with Biden and Vermont senator Bernie Sanders. But after two disappointing debate performances and a string of scandals -- including a video emerging where he called transgender people "it" and referred to trans women as men in dresses -- his momentum sputtered. Bloomberg won only one contest on Super Tuesday, in the territory of American Samoa.

"I've always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it," Bloomberg said. "After yesterday's vote, it is clear that candidate is my friend and a great American, Joe Biden."

With Bloomberg's announcement, only three Democratic candidates remain: Biden, Sanders, and Massachusetts senator Elizabeth Warren.