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Michael Bloomberg calls it quits after blowing $600 million on a doomed presidential campaign

Bloomberg is endorsing former rival Joe Biden, after Biden surged and Bloomberg floundered on Super Tuesday.

Michael Bloomberg calls it quits after blowing $600 million on a doomed presidential campaign
[Photo: Flickr user Gage Skidmore]

After entering the race only 100 days ago to be the Democratic presidential nominee, billionaire Michael Bloomberg has announced he’s ending his bid for the White House. The former New York mayor officially made the announcement on Twitter, where he said he was endorsing former Vice President Joe Biden, who performed better than expected in Super Tuesday voting (and suffered some viral drama).

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Announcing the suspension of his campaign, Bloomberg wrote, “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.”

What’s unique about Bloomberg among all other Democratic contenders this year is money: The candidate funded his brief campaign with a jaw-dropping $600 million from his own fortune, basically $6 million a day. Despite the massive spend, Bloomberg only won American Samoa, a U.S. territory, last night, while rivals Biden and Bernie Sanders cleaned up. That means the widespread advertising blitz and meme-making activity he spent hundreds of millions of dollars on did not win him a single state.

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But while Bloomberg says his exit from the race will serve to boost Biden and defeat Trump in November, CNN’s Jeff Zeleny points out that Bloomberg now will not be required to disclose details about his media empire and financial fortunes.

Bloomberg’s willingness to spend over half a billion dollars of his own money sparked criticism from the day he first entered the race. Many progressive activists pointed out the vast array of things Bloomberg could have done with that $600 million to improve democracy in America (like funding groups who need it) instead of spending it on a personal campaign to become president.

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