Michael Bloomberg drops out of US presidential race, endorses Joe Biden

Democratic candidate Michael Bloomberg dropped out of the US primaries ending his run for the 2020 US presidential race to challenge Donald Trump.

The high profile billionaire on his way out endorsedparty frontrunner Joe Biden for the White House.

"Three months ago, I entered the race to defeat Donald Trump. Today, I'm leaving for the same reason," Bloomberg said in a statement, adding,"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,Joe Biden."

"I'm immensely proud of the campaign we ran. I'm deeply grateful to all the Americans who voted for me, and to our dedicated staff and volunteers," he said.

"I want you to stay engaged, active, and committed to our issues. I will be right there with you. And together, we will get it done," the US tycoon said.