Billionaire Mike Bloomberg has dropped out of the US Democratic presidential race and endorsed Joe Biden.
The former mayor of New York had spent around $450 million (€400 million) of his fortune on his bid for the nomination.
However, in yesterday's 'Super Tuesday' votes he secured only around 12 of the hundreds of delegates in play.
In a statement, Mr Bloomberg said: "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 remain clear-eyed about my overriding objective: victory in November. Not for me, but for our country.
"And so while I will not be the nominee, I will not walk away from the most important political fight of my life."
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
Mr Bloomberg was a late entry into the presidential race and spent hundreds of millions of his own money in advertising in a bid to boost his chances against his rivals.
However, Mr Biden secured a fresh boost to his previously struggling campaign yesterday after winning a majority of the states in the 'Super Tuesday' primary votes.
He swept to victory in Alabama, Arkansas, Massachusetts, Minnesota, North Carolina, Oklahoma, Tennessee, Texas and Virginia, and is also forecast to win in Maine.
However, progressive senator Bernie Sanders also won a number of key states - including a projected win in California.
Senator Elizabeth Warren remains a distant third in the race and symbolically lost yesterday's primary vote in her home state of Massachusetts.
Both Mr Biden and Mr Sanders are now likely to face a long fight for delegates in the remaining states ahead of the Democratic National Convention in the summer, where the party's candidate to face Donald Trump in November will be chosen.
Recent days have seen two other prominent Democrats - Pete Buttigieg and Amy Klobuchar - drop out of the race and endorse Mr Biden.
