Michael Bloomberg has Stepped Down from the US Presidential Race

US media tycoon Michael Bloomberg said he is leaving the presidential race and instead supports Joe Biden's candidacy.

"Three months ago, I entered the race for President to defeat Donald Trump," Bloomberg said in a statement.

"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," said the former New York mayor and billionaire, who had spent more than $500 million on his candidacy.

"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 the statement.

The former New York mayor has spent hundreds of millions of dollars on his campaign so far, but failed to win any of the 14 states on Super Tuesday, the most important day of the Democrats' early elections.