Former New York City Mayor Michael Bloomberg on Wednesday announced that he was ending his bid for the Democratic Party’s nomination for president and was instead endorsing former Vice President Joe Biden.

“I’ve always believed that defeating Donald trump starts with uniting behind the candidate with the best shot to do it,” Bloomberg said in an email to campaign staffers. “After yesterday’s vote, it is clear that candidate is my friend and a great American, Joe Biden.”

Bloomberg, who had entered the race just three months ago, had hoped to capitalize on Biden’s lackluster results in Iowa, New Hampshire, and Nevada nominating contests by pulling in enough delegates from yesterday’s Super Tuesday primaries to force a brokered convention, then convince Democratic delegates that he was the best-positioned candidate to defeat President Donald Trump in November’s general election.

But despite spending roughly half a billion dollars of his own money on saturation-level television and online advertising, Bloomberg was not able to convert the broad name recognition his ad campaign provided into votes, particularly after Biden’s landslide victory in Saturday’s South Carolina primary.

While the ex-New York mayor’s departure from the race means there will only be one wealthy New Yorker on the ballot this fall, it does not mean Bloomberg’s influence will no longer be felt.

Bloomberg has pledged to keep his campaign’s operation running through the November general election, and to put his considerable resources towards defeating Trump, who he has described as an existential threat to US democracy.

He will also have at least some presence at July’s Democratic nominating convention by virtue of the 44 pledged delegates his campaign won, including most of American Samoa’s delegation.

The man Bloomberg had hoped to defeat in November took to Twitter late Tuesday to weigh in on the ex-mayor’s lackluster results.

“The biggest loser tonight, by far, is Mini Mike Bloomberg. His “political” consultants took him for a ride. $700 million washed down the drain, and he got nothing for it but the nickname Mini Mike, and the complete destruction of his reputation,” Trump wrote.

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