The Slatest

Bloomberg Drops Out

Mike Bloomberg waves in front of an American flag.
Mike Bloomberg waves during a rally in West Palm Beach, Florida, on Tuesday. Eva Marie Uzcategui/Getty Images

Michael Bloomberg suspended his presidential campaign following a disappointing performance at the polls on Super Tuesday. He announced he will endorse former Vice President Joe Biden.

The business-information tycoon spent at least $500 million—the bulk of which was dedicated to advertising—on his self-funded presidential campaign. He spent about $300 on each vote he got, and won only the American Samoa caucuses. (In his most recent political campaign before this one, to win a third term as New York mayor in 2009, he spent $174 per vote for a startlingly narrow victory.)

In a statement emailed to supporters Wednesday morning, Bloomberg wrote he got into the race to beat President Donald Trump, and that’s the same reason he’s exiting “because it is clear to me that staying in would make achieving that goal more difficult.

“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,” he wrote. “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.

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

Bloomberg, whose polling numbers nosedived after an awkward and defensive performance in his first televised debate, wrote that he’s “immensely proud” of his campaign and the plans it put forth.

In January, Bloomberg said he would pay his campaign workers to work through November in support of whoever wins the nomination.