Michael Bloomberg announced on Wednesday that he has dropped out the 2020 presidential race and will endorse former Vice President Joe Biden. Bloomberg decided to drop out of the race after losing several Democratic primaries and after Biden swept Super Tuesday.
Bloomberg stated that he is “doing this for our country.” Bloomberg continued that if he had stayed in the race it “would make it more difficult for Democrats to defeat President Donald Trump in November.”
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. pic.twitter.com/cNJDIQHS75
— Mike Bloomberg (@MikeBloomberg) March 4, 2020
Bloomberg entered the 2020 presidential campaign on November 24, 2019. In the few months, he spent more than one billion dollars of his own money for his Democratic presidential campaign. Bloomberg has spent more than any person in any primary campaign in American history.
President Trump weighed in on Bloomberg dropping out of the race. On Twitter, President Trump stated, “Mini Mike Bloomberg just “quit” the race for President.” Trump continued that he “didn’t have what it takes”, and that Bloomberg could have “saved himself a billion dollars.”
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!
— Donald J. Trump (@realDonaldTrump) March 4, 2020
Joe Biden is no stranger to politics and has a long political career. Biden began his career in Delaware as a public defender in 1969. By 1972, Biden was elected into the U.S. Senate and serve until 2009.
In 2009 Biden was elected as Vice President of the United States under President Obama. Biden served two terms as Vice President until 2017.
Biden announced his democratic candidacy in 2019 to run against President Trump. At the beginning of 2020, Biden was not ranked as a top runner for his party. On Super Tuesday, Biden won Alabama, Arkansas, Maine, Massuchutes, Minnesota, North Carolina, Oklahoma, Tennessee, Texas, and Virginia putting him in the lead.
Michael Bloomberg is ranked the 9th wealthiest person in the world according to Forbes. He has a net worth $55.5 billion after donating $8.2 billion to charity.
Bloomberg began his career as a security broker before starting his own company in 1981. He opened a financial information, software, and media firm known as Bloomberg L.P., Bloomberg was the CEO until 2002 when he was elected Mayor of New York City.
Bloomberg during his political career stepped down from his company to focus on being mayor. After serving as mayor he returned to Bloomberg L.P. and resumed his position as CEO in 2013. Bloomberg left his position when he announced his run for president.
Pete Buttigieg, former mayor of South Bend, Indiana, On March 1, Pete Buttigieg, former mayor of South Bend, Indiana dropped out of the presidential race. Buttigieg announced that he was giving his support to Biden after speaking with former President Barack Obama and Joe Biden.
Minnesota Sen. Amy Klobuchar on March 2, 2020, had announced she was dropping out the race and was endorsing Biden.