News has just broken that Mike Bloomberg has dropped out of the 2020 presidential race, and is endorsing Joe Biden.

The announcement comes despite Bloomberg spending over half a million dollars on his presidential campaign, CNBC reports. The former New York mayor performed disastrously in the Democratic primary debates on Super Tuesday.

One of the candidates who trumped him at the primaries was Joe Biden, and after Bloomberg's failure to perform, he released a statement through his campaign giving his support to the former Vice President.

In the video below, Joe Biden announces his bid for the presidency:

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Bloomberg said in his statement: “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."

"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."

"I've known Joe for a very long time," he added. "I know his decency, his honesty, and his commitment to the issues that are so important to our country - including gun safety, health care, climate change, and good jobs."

Harrison Ford reacts to "reviews" of Trump's presidency:

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Despite making a huge financial investment in his campaign, the only place where Bloomberg won was in American Samoa.

Bloomberg was also a late contender for the 2020 presidential race, having only entered on November 24, 2019. Per Business Insider, this was 11 months after some of the other candidates.

Back then, Biden's campaign was struggling, achieving poor results in three primary contests in Iowa, New Hampshire, and Nevada. However, the former Vice President managed to secure a late turnaround.

Mike Bloomberg speaking. [[imagecaption|| Credit: PA Images]]

During his campaign, Bloomberg tried to promote himself as a centralist alternative to Biden and warned that nominating Bernie Sanders as the Democratic candidate would be a mistake.

However, Bloomberg ultimately failed to gain the popularity he needed, and his campaign was shrouded by accusations regarding his behavior towards women and previous support of controversial policies like stop-and-frisk.

Bloomberg's competitors successfully used these issues against him, particularly Elizabeth Warren who challenged him on the debate stage on non-disclosure agreements signed by women who had made accusations at his company.

Mike Bloomberg has dropped out of the 2020 presidential race and endorsed Joe Biden