AKIPRESS.COM - Michael Bloomberg ended his presidential campaign on Wednesday and endorsed Joe Biden, closing out a costly run that saw the former New York mayor spend hundreds of millions of his own money to fund his late entry bid, CNN reports.

Bloomberg exits the race the day after a disappointing showing on Super Tuesday that left him with only a single victory: American Samoa.

Bloomberg said he got into the race "to defeat Donald Trump" and was "leaving for the same reason."

"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," he wrote in a press release.