Bloomberg drops out of Democratic presidential primary race, endorses Biden

Billionaire Mike Bloomberg ended his presidential bid on Wednesday and approved former vice president Joe Biden. It was a mind-blowing collapse for the former mayor of New York, who had his hopes in 2020 in the states of Super Tuesday and injected more than $ 500 million of his own fortune into the campaign.

Bloomberg announced it will start the race after a disappointing end on Super Tuesday on the list of states that account for almost a third of the total available in the Democratic nomination contest. He only reached the territory of American Samoa and recruited several dozen delegates elsewhere. Biden, meanwhile, won big in the southern states where Bloomberg had paid tens of millions of dollars and even cautiously hoped for a victory.

Two of his former Democratic rivals, Amy Klobuchar and Pete Buttigieg, dropped out of the race and approved Biden as a moderate alternative to Vermont senator Bernie Sanders the day before Super Tuesday.

Bloomberg has waged an unprecedented campaign from the start. His late entry into the race in November prompted him not to campaign in the top four voting states of Iowa, New Hampshire, Nevada and South Carolina. He suspended his success on Super Tuesday, spending at least $ 180 million on advertising in those states, but planned to continue deep into the main schedule, already spending millions on advertising in states like Florida, Michigan, and the Pennsylvania. Before the results came out on Tuesday, he projected confidence during the campaign in Florida, only for his associates to say the campaign would be re-evaluated the next day.

Voters ultimately rejected Bloomberg’s argument that he was the best candidate to confront Republican President Donald Trump. The president, for his part, had paid particular attention to the Democratic nomination contest and had been particularly attached to Bloomberg. Trump regularly made fun of his fellow New Yorker on Twitter, making fun of his short stature by calling him “Mini Mike” and claiming that Bloomberg was the candidate he wanted to run against. On Tuesday, he called the results “a complete destruction” of Bloomberg’s reputation.

One of the richest men in the world

Bloomberg, 78, is one of the richest men in the world, estimated to be worth $ 61 billion. His fortune stems from the financial data and media company that bears his name, which he founded in the 1980s. In addition to having been mayor of New York for 12 years, he has become loved by progressive groups by investing hundreds of millions of dollars in the fight against climate change and the fight against armed violence.

In the first weeks of his campaign, he used his vast fortune to run for voters outside of New York on his own terms, and his rivals accused him of trying to buy the nomination for the party and the House White. As the vote drew closer, the former Republican was forced to confront his Democratic rivals head-on by standing alongside them on a stage of debate. His first performance was fragile and uneven and led voters to see him more critically.

He has proven incapable of overcoming constant criticism of New York’s use of the stop and frisk police practice during his tenure as mayor, which disproportionately targeted young black and Latino men for research aimed at find weapons. The practice ended after a federal judge declared it unconstitutional, and Bloomberg apologized for using it weeks before announcing his presidential candidacy.

He also faced sharp criticism – mainly from rival Elizabeth Warren – about the treatment of women in his business, Bloomberg LP. Under pressure from Warren, he said in mid-February that he would release three women who had prosecuted him for harassment or discrimination over confidentiality agreements. The women who worked for Bloomberg were featured in an ad praising Bloomberg and the company’s treatment of women, and longtime partner Diana Taylor championed it as a champion of women.

Bloomberg was followed by charges that he was trying to buy the Democratic presidential nomination. His vast fortune turned out to be a perfect leaf for Sanders, who said that billionaires shouldn’t exist at all. Indeed, Bloomberg has had a vast circle of influence from its spending on key causes like gun control as well as its philanthropic efforts to boost American cities and provide leadership training to mayors. Dozens of eminent mayors rallied to his candidacy.

That, combined with the resurgence of Biden in South Carolina and the rallying of the moderate party wing behind him, condemned Bloomberg to the idea that he was the best candidate to face Sanders and Trump.

The rest of Bloomberg is unclear. He vowed to keep campaign offices open in major states on the general election battlefield to help Democrats defeat Trump even though he had lost the party’s nomination. But Sanders’ campaign said it didn’t want help.

(AP)