Michael Bloomberg, who spent hundreds of millions of dollars to self-fund his 2020 presidential run, announced Wednesday that he is suspending his campaign after a poor performance on Super Tuesday and will endorse Joe Biden.
What he's saying: "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 said in a statement.
Never in American history has a presidential candidate spent more to get less than Mike Bloomberg, making his buy-a-nomination bid a big bust.
Why it matters: Bloomberg spent $600 million to win as many states as every American who chose not to run: zero. (He has American Samoa to show for it.)
Mike Bloomberg's 2020 campaign announced Friday that he would scrap his plan to create his own PAC — which would utilize his campaign infrastructure and staff to support the Democratic nominee — and will instead donate $18 million to the DNC.
Why it matters: It's a significant reneging of a key promise from the New York billionaire, who pledged to continue to pay his campaign staff at least through November to back whoever was selected to take on President Trump.