The former Mayor of New York and the Founder of Bloomberg L.P, Michael Bloomberg has backed out of the presidential race on Wednesday.
The billionaire quit after he had spent millions of dollars on campaigns under the Democratic Party in the last few months.
Joining the presidential race late, Bloomberg’s efforts and money did not yield desired results as candidates like Joe Biden, Bernie Sanders remained people’s choice.
Bloomberg announced in a campaign statement that he endorsed Joe Biden, the former Vice President of the United States during President Barack Obama’s administration.
Bernie Sanders had accused the billionaire of trying to buy votes with money following his late declaration for the race in November 2019.
Sanders said, “I’m disgusted by the idea that Michael Bloomberg or any billionaire thinks they can circumvent the political process and spend tens of millions of dollars to buy elections.”
Bloomberg insisted he was in the race to defeat President Trump.
“I’m running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of President Trump’s reckless and unethical actions,” Bloomberg wrote.
President Trump responded immediately the billionaire announced he was pulling out of the presidential race, he tweeted: “The biggest loser tonight, by far, is Mini Mike Bloomberg. His ‘political’ consultants took him for a ride. $700 million washed down the drain, and he got nothing for it but the nickname Mini Mike, and the complete destruction of his reputation. Way to go Mike!”
“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!
“Mini Mike Bloomberg will now FIRE Tim O’Brien, and all of the fools and truly dumb people who got him into this MESS. This has been the worst, and most embarrassing, experience of his life…and now on to Sleepy Joe!
“Pandering Mini Mike Bloomberg, along with his wacky friend, Tom Steyer, have found out the hard way that you can’t buy the election! They both wish they had it to do over again!”