Bloomberg Spent $500M on Failed Democratic Presidential Bid

NEW YORK (AP) — Billionaire Mike Bloomberg spent more than $500 million of his own fortune over the course of 101 days in a quixotic bid for the presidency that ultimately collapsed.

Bloomberg won just one U.S. territory, American Samoa, in the slate of Super Tuesday primaries, and none of the 14 states where he'd invested heavily.

He quit the race by Wednesday morning and endorsed former Vice President Joe Biden, saying his continued presence in the race would make it harder to defeat Republican President Donald Trump in November.

Bloomberg, who's worth an estimated $61 billion, pledged to keep spending to defeat Trump.