BREAKING: Bloomberg Ends 2020 Campaign, Trump Reacts

After a lackluster Super Tuesday despite spending hundreds of millions of dollars, billionaire Michael Bloomberg has called it quits on his 2020 Presidential campaign.

Bloomberg also announced he will endorse Joe Biden for President, who is now the clear frontrunner.

Fox News reports former New York City Mayor Mike Bloomberg suspended his presidential campaign Wednesday after spending record amounts from his own fortune on an ad-blitz strategy that failed to yield any wins on Super Tuesday beyond a single victory in the American Samoa caucuses.

He immediately announced he would be endorsing Joe Biden, following in the footsteps of other moderate-leaning Democratic presidential candidates who have consolidated supported behind the former vice president in his primary brawl against Vermont Sen. Bernie Sanders.

“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. But I remain clear-eyed about my overriding objective: victory in November,” Bloomberg said in his statement.

Bloomberg finished well behind on Super Tuesday, despite spending more than a half-billion of his own fortune on his 2020 bid — centered on a strategy of skipping the early-primary stories in favor of Super Tuesday. To put his investment in perspective, he spent close to the GDP of American Samoa in order to win that contest — and only that contest.

In backing the former vice president, Bloomberg emphasized: “I’ve known Joe for a very long time. 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.”

President Trump, who has been relentless in mocking Bloomberg over everything from his height to his debate performances, delivered his barbed observations on the race once more after Bloomberg dropped out.

“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 tweeted.