Mike Bloomberg dropped out of the presidential race on Wednesday after a poor performance in the Super Tuesday primaries.
“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.”
Following his campaign departure, Bloomberg endorsed rival and 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,” he said in the statement.
“I’ve known Joe for a very long time. I know his decency, his honesty, and his commitment to the issues that are so important to our country – including gun safety, health care, climate change, and good jobs.”
Bloomberg endorsing Biden is a major boost for the former vice presidents campaign. Biden’s efforts will get a lift from Bloomberg’s extensive field staff and advertisements that have already been booked in future primary states. Biden will see an assist from Bloomberg’s own technology company Hawkfish. The campaign previously told NBC News that they will keep their operation going, even if Bloomberg was forced to drop out of the race.
Bloomberg’s embarrassing finish Tuesday night marked the first time he was on the ballot. Had he continued in the race, his candidacy might have taken away votes from Biden, a fellow moderate who’s competing for the nomination with Sen. Bernie Sanders of Vermont. With his departure, there are now only four candidates in the race, including Biden, Sanders, Sen. Elizabeth Warren of Massachusetts, and Rep. Tulsi Gabbard of Hawaii.
The billionaire and former New York City mayor spent more than $500 million on campaign advertising, but of the 14 states and one territory at stake on March 3, Super Tuesday, he was only able to take American Samoa.
Bloomberg jumped into the campaign for the Democratic nomination in November, following weeks of teasing a potential bid. Earlier in 2019, Bloomberg had completely ruled out the possibility of running for president.
His late entry forced him to bypass early voting states of Iowa, New Hampshire, South Carolina and Nevada, to focus on delegate-rich Super Tuesday. The strategy didn’t pay off.
Bloomberg launched his bid with a $31 million TV ad blitz, breaking former President Barack Obama’s record campaign spending of $24 million on TV ads in one week. He ended up spending hundreds of millions of his own dollars on his campaign.
Progressive candidates Warren and Sanders, who have pushed for a wealth tax on millionaires and billionaires to fund programs like Medicare for All, accused the centrist of trying to buy the nomination.
Bloomberg’s net worth, according to Forbes, is about $60 billion.
Major ad spending helped him gained traction in national polls, putting him in third place in at one point, behind Sanders and Biden.
But he took a drubbing on the debate stage in February when he was attacked by Warren for his alleged sexist behavior in the workplace. Bloomberg had not qualified for prior debates because he did not accept donor contributions and so did not meet the required threshold. The Democratic National Committee changed the rules in late January, paving the way for his participation.
President Donald Trump also made a habit out of mocking Bloomberg’s 2020 bid, dubbing him “Mini Mike,” a moniker that he used to taunt his potential rival as Super Tuesday results rolled in.
“The biggest loser tonight, by far, is Mini Mike Bloomberg,” Trump tweeted Tuesday. “His ‘political’ consultants took him for a ride. $700 million washed down the drain, and he got nothing for it but the nickname Mini Mike, and the complete destruction of his reputation. Way to go Mike!”
Since leaving the mayor’s office in 2013, the one-time Republican and former Independent has doubled down on causes dear to the left. His anti-gun violence group Everytown for Gun Safety, battled the powerful National Rifle Association, helping numerous Democrats win elections at the national and state levels during the 2018 midterms and in more recent contests. He also launched Beyond Carbon, a coordinated campaign to fight climate change.
But he wasn’t able to translate those actions into votes.
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