BREAKING: Bloomberg Drops Out, Endorses Joe Biden

Axios reports:

Michael Bloomberg, who spent hundreds of millions of dollars to self-fund his 2020 presidential run, announced Wednesday that he is suspending his campaign after a poor performance on Super Tuesday.

The state of play: Bloomberg opted to skip campaigning in early states, staking his candidacy on a string of Super Tuesday victories to launch him to frontrunner status, but that plan was ultimately felled by the resurgence of Joe Biden’s campaign.

Bloomberg’s self-funding drew backlash from an increasingly progressive party that is skeptical of the role of big money in politics. Bloomberg was one of two billionaires in the race, joined by Tom Steyer, who dropped out over the weekend.