Presidential candidate Michael Bloomberg has dropped out of the 2020 Presidential race.
A report by Politico states that the former Mayor of New York spent more than $500 million in just 100 days on his campaign.
“Three months ago, I entered the race to defeat Donald Trump,” Bloomberg said in a statement on Twitter. “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.”
He continued by saying he is proud of the campaign he ran and to everyone who voted for him.
“I want you to stay engaged, active, and committed to our issues. I will be right there with you. And together, we will get it done,” he said.
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. pic.twitter.com/cNJDIQHS75
— Mike Bloomberg (@MikeBloomberg) March 4, 2020
In recent weeks Bloomberg proposed merging Freddie Mac and Fannie Mae as part of his plan to rein in Wall Street if he was to become President.
CNBC states that Bloomberg’s plan would bolster reforms either put in place or strengthened as part of the 2010 Dodd-Frank act in response to the Great Recession.
A press release from Bloomberg’s campaign stated his plan includes merging Fannie Mae and Freddie Mac into a single-government owned mortgage guarantor to “ensure taxpayers are properly compensated for loan guarantees” and low-income households are well-served.
This story will be updated.