Updated at 10:58 a.m. ET
Mike Bloomberg, the billionaire former mayor of New York City who had spent hundreds of millions of dollars on ads during a 100-day presidential campaign, announced on Wednesday he's suspending his bid and is endorsing former Vice President Joe Biden.
"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."