Bloomberg drops out of presidential race, endorses Biden

Michael Bloomberg wins American Samoa
SAN ANTONIO, TX - MARCH 01: Democratic presidential candidate, former New York City mayor Mike Bloomberg speaks during a campaign rally at Hangar 9 on March 1, 2020 in San Antonio, Texas. Bloomberg is campaigning before voting starts on Super Tuesday, March 3. (Photo by Joe Raedle/Getty Images)

(AP) Billionaire Mike Bloomberg has ended his bid for the Democratic presidential nomination and has endorsed Joe Biden.

It was a stunning collapse for the former New York City mayor, who had pinned his 2020 hopes on the Super Tuesday states and drained more than $500 million from his own fortune into his ultimately unsuccessful campaign.

Bloomberg announced his departure Wednesday after a disappointing finish on Super Tuesday in the slate of states that account for almost one-third of the total delegates available in the Democratic nominating contest.

Some of his former Democratic rivals had coalesced around Biden as the moderate alternative to Vermont Sen. Bernie Sanders.