The Super Tuesday results have given Joe Biden’s campaign a new boost after US media tycoon Michael Bloomberg exited the Democratic presidential race and endorsed the frontrunner on Wednesday. This development comes after the billionaire businessman pumped more than half a billion dollars on a gamble that failed to inspire voters.

The billionaire had bet his White House run on Super Tuesday but failed to win any of the 14 states up for grabs on the most important day in the primary season.

A lack of charisma, limping debate performances, the controversy over “stop and frisk” policies when he was New York mayor, and allegations he tried to buy the ticket were seen as having conspired to tank his candidacy before it ever got off the ground.

Inescapably, his poor showing left him facing mounting pressure to clear the way for fellow moderate Biden, who emerged as the newly-resurgent frontrunner following a string on huge victories Tuesday.

“Three months ago, I entered the race for president to defeat Donald Trump,” Bloomberg said in a statement.

“Today, I am leaving the race for the same reason: to defeat Donald Trump because it is clear to me that staying in would make achieving that goal more difficult,” he added.

“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.”

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

US President Donald Trump took the opportunity to mock Michael Bloomberg as he tweeted, “This has been the worst, and most embarrassing, experience of his life”.

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!

— Donald J. Trump (@realDonaldTrump) March 4, 2020

“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,” a gleeful Trump said in another post. “Now he will pour money into Sleepy Joe’s campaign, hoping to save face. It won’t work!”