Michael Bloomberg, who spent hundreds of millions of dollars to self-fund his 2020 presidential run, announced Wednesday that he is suspending his campaign after a poor performance on Super Tuesday, according to a source familiar.

The state of play: Bloomberg opted to skip campaigning in early states, staking his candidacy on a string of Super Tuesday victories to launch him to frontrunner status, but that plan was ultimately felled by the resurgence of Joe Biden’s campaign.

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Pete Buttigieg and Amy Klobuchar both exited the race between the South Carolina primary and Super Tuesday and chose to back Biden — along with Beto O’Rourke.

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