Mike Bloomberg, the billionaire former mayor of New York who had hoped to self-fund his way to the Democratic presidential nomination but was spurned by voters in Tuesday’s balloting, has dropped out of the race.

Bloomberg endorsed Joe Biden, saying the former vice president had the best chance to win in November.

“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,” Bloomberg said in a statement.