Bloomberg bows out of presidential contest but his money will stay

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Bloomberg bows out of presidential contest but his money will stay
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Former New York Mayor Michael Bloomberg switched from being a candidate to becoming a powerful backer of former Vice President Joe Biden, who dominated Super Tuesday voting

WASHINGTON - After a not-so-Super Tuesday, Michael Bloomberg is out of the presidential nomination contest. But the power of his $60 billion fortune is staying in.

“I will work to make him the next president of the United States,” Bloomberg said of Biden in a statement. Bloomberg had used advertising as part of his novel electoral strategy, in which he skipped the four early-voting states and instead focused on the 14-state Super Tuesday contest. He hired thousands of staff and mounted a vigorous national tour focused on the 14 states that voted on Super Tuesday.

Bloomberg was assailed for his spending despite his pledge to use his personal fortune to support the eventual Democratic nominee, whoever it was.

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