Former Mayor of New York, Michael Bloomberg, has dropped out of the race for the Democratic Party presidential ticket.
Bloomberg, who announced his withdrawal in a statement on Wednesday, endorsed former Vice President Joe Biden, boosting his front-runner status.
With this development, the number of aspirants for the main opposition flag for the November presidential elections has reduced to four.
But the contest is now turning out to be a two-horse race between Biden and Bernie Sanders, the Vermont senator and leftist.
Bloomberg’s announcement came after a poor performance in the party’s primaries in 14 states on Tuesday, otherwise known as Super Tuesday.
Reports say the billionaire businessman has spent more than $500 million (about N170 billion) of his personal money on his failed campaign.
“Three months ago, I entered the race for president to defeat Donald Trump. Today, I am leaving the race for the same reason.
“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, 78, said in the statement.
Biden, whose White House bid received a boost after a string of victories on Super Tuesday, responded with a tweet, thanking Bloomberg for his support and “tireless work’’.
“I can’t thank you enough for your support—and for your tireless work on everything from gun safety reform to climate change.
“This race is bigger than candidates and bigger than politics. It’s about defeating Donald Trump, and with your help, we’re gonna do it,’’ he said.
In a series of Tweets, President Trump mocked Bloomberg, saying “this has been the worst, and most embarrassing, the experience of his life’’.
“Mini Mike Bloomberg just “quit” the race for President. I could have told him long ago that he didn’t have what it takes, and he would have saved himself a billion dollars, the real cost.
“Now he will pour money into Sleepy Joe’s campaign, hoping to save face. It won’t work!’’ he said.