NEW YORK -- Billionaire Mike Bloomberg drops out of Democratic presidential race, endorses Joe Biden.

Three months ago, I entered the race to defeat Donald Trump. Today, I'm leaving for the same reason. 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, @JoeBiden. pic.twitter.com/cNJDIQHS75

— Mike Bloomberg (@MikeBloomberg) March 4, 2020 This is breaking news. Updates to follow.