After spending millions on his own campaign, Michael Bloomberg is dropping out of the 2020 presidential race, BBC reports.
"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 in a statement.
Mr Bloomberg, a former mayor of New York City, has spent more than $500m (£390m) of his own money in the race to become the Democratic Party's nominee.
He said he would now support 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," Mr Bloomberg said in his statement.
