NEW: Bloomberg Drops Out of 2020 Presidential Race, Endorses Biden

NEW: Bloomberg Drops Out of 2020 Presidential Race, Endorses Biden

Former New York City Mayor Michael Bloomberg is dropping out of the 2020 presidential race and endorsing Joe Biden. 

“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 Joe Biden,” tweeted Bloomberg on Wednesday morning. 

The news comes after Bloomberg won just 12 delegates on Super Tuesday, despite spending $500 million, according to the New York Times.

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Bloomberg was endorsed by Rhode Island Governor Gina Raimondo.

As GoLocalProv reported, “Raimondo endorsed Bloomberg in Providence in a highly staged series of events that included a walk across the $23 million Providence pedestrian bridge and a rally at the Wexford Innovation Center -- a project that received more than $40 million in state subsidies.”

Bloomberg is the third candidate to drop out of the race since Sunday night.