After a shellacking in last night’s Super Tuesday primaries, former New York mayor Mike Bloomberg has ended his presidential campaign.

Stumbling and out-maneuvered in his two debate appearances, and using a risky election strategy which bypassed early primaries and caucuses to concentrate on Super Tuesday, Bloomberg found himself outflanked by Joe Biden in a battle for the Democratic Party’s moderate wing.

A billionaire, Bloomberg has spent an estimated US $560 million on his campaign with negligible results—a net gain of 18 delegates and a solitary victory, in the American Samoa caucus.

“I’m a believer in using data to inform decisions,” Bloomberg said in a statement issued this morning. “After yesterday’s results, the delegate math has become virtually impossible – and a viable path to the nomination no longer exists. “

Bloomberg also threw his support behind last night’s big winner, former vice president Joe Biden.

“I’ve always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it. After yesterday’s vote, it is clear that candidate is my friend and a great American, Joe Biden…today I am glad to endorse him – and I will work to make him the next President of the United States.”

With Massachusetts senator Elizabeth Warren stalled at just 47 delegates and no state-wide victories, Bloomberg’s withdrawal essentially makes the fight for the Democratic nomination a two-man race between Biden and Vermont senator Bernie Sanders.

Bloomberg stated that, whomever the eventual nominee is, he’s still committed to the defeat of president Donald Trump.

“I remain clear-eyed about my overriding objective: victory in November. Not for me, but for our country. And so while I will not be the nominee, I will not walk away from the most important political fight of my life.”