Michael Bloomberg drops out of 2020 Presidential race, endorses Joe Biden

Billionaire and former New York City Mayor Michael Bloomberg dropped out of the 2020 US Presidential race on Wednesday and endorsed former Vice President and Democratic presidential candidate Joe Biden.

"Three months ago, I entered the race to defeat Donald Trump. Today, I'm leaving for the same reason. Defeating Trump starts with uniting behind the candidate with the best shot to do it. It's clear that is my friend and a great American, @JoeBiden," Bloomberg tweeted.

"I'm immensely proud of the campaign we ran. I'm deeply grateful to all the Americans who voted for me, and to our dedicated staff and volunteers. I want you to stay engaged, active, and committed to our issues. I will be right there with you. And together, we will get it done," the following tweet read.

The billionaire, who had officially launched his campaign in November last year, spent more than USD 400 million in television, radio and digital ads publicizing his candidacy.

The 77-year-old entrepreneur and philanthropist made his fortune creating technology that bankers and traders use to access market data.

After building a successful financial information business, he turned to politics and officially launched a bid to become Mayor of New York in 2001 as a Republican. However, Bloomberg switched parties and became an independent -- only to re-register as a Democrat in 2018.