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."
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