Billionaire candidate Mike Bloomberg suspended his 2020 presidential campaign Wednesday morning after spending more than $550 million to win the Democratic Party’s nomination and still receiving disappointing results on “Super Tuesday.”

He is endorsing former Vice President Joe Biden.

A campaign spokesman told PEOPLE that Bloomberg decided to end his campaign Wednesday morning.

“Three months ago, I entered the race for President to defeat Donald Trump. Today, I am leaving the race for the same reason: to defeat Donald Trump — because it is clear to me that staying in would make achieving that goal more difficult,” Bloomberg, 78, said in a statement. “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 announced his long-shot presidential bid in November, nearly a year after every other candidate in the historically large Democratic field announced their own campaigns.

Read more: People