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Mike Bloomberg quits White House race and backs Joe Biden for presidency

The billionaire had taken stock after his big-money gamble on Super Tuesday ended in failure.

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Mike Bloomberg, right, and former Vice President Joe Biden (Patrick Semansky/AP)

Mike Bloomberg, right, and former Vice President Joe Biden (Patrick Semansky/AP)

Mike Bloomberg, right, and former Vice President Joe Biden (Patrick Semansky/AP)

Billionaire Mike Bloomberg has ended his bid for the Democratic presidential nomination on Wednesday and endorsed former US vice president Joe Biden.

It was a stunning collapse for the former New York City mayor, who had his 2020 hopes on the Super Tuesday states and pumped more than 500 million US dollars of his own fortune into the campaign.

Mr Bloomberg announced his departure from the race after a disappointing finish on Super Tuesday in the slate of states that account for almost one-third of the total delegates available in the Democratic nominating contest.

He won only the territory of American Samoa and picked up several dozen delegates elsewhere.

Mr Biden, meanwhile, won big in Southern states where Mr Bloomberg had poured 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 endorsed Mr Biden as the moderate alternative to Vermont Senator Bernie Sanders just the day before Super Tuesday.

PA