NATIONWIDE — Billionaire and former New York Mayor Michael Bloomberg has dropped out of the presidential race.

"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," he said in a news released the day after Super Tuesday. 

In the statement, Bloomberg admitted that Super Tuesday's results revealed that gaining the "nomination no longer exists," even though he told Spectrum News reporter Greg Angel  on Tuesday night that he could become the Democratic nominee at a contested convention.

Super Tuesday was a disappointing night for Bloomberg, where he only secured six delegates, compared to Democratic rival Joe Biden, who gained 382.

Bloomberg will throw his support to Biden.

"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," he said.

Since he entered the race for the White House three months ago, Bloomberg had to battle it out among Democratic politicians who were more seasoned on a national stage. However, he tried to combat this by spending hundreds of millions of dollars in advertising, yet those ads did not equal votes for him. 

It has been speculated that U.S. Sen. Elizabeth Warren, who only got 25 delegates on Tuesday night, and U.S. Sen. Tulsi Gabbard, who got one, will reevaluate their plans for the White House.

With one less Democratic presidential candidate, Biden's threat to gain his party's nomination is independent U.S. Sen. Bernie Sanders, who snagged 321 delegates on Super Tuesday.

President Donald Trump took to Twitter once it was announced the Bloomberg dropped out of the race.