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Michael Bloomberg announced he is dropping out of the 2020 presidential race. Bloomberg, 78, made the announcement a day after his dismal showing on Super Tuesday.

Bloomberg had promised to fix America's health care and strengthen the middle class, as he spent $200 million on ad spots in all 14 Super Tuesday states.

Bloomberg said he entered the 2020 race because he believed only he could beat President Donald Trump, 73.

The billionaire media magnate dropped $700 million on his campaign -- a record for campaign spending. Bloomberg is expected to spend heavily on frontrunner Joe Biden's campaign.

The Democratic nomination is a 2 man race between Biden and Bernie Sanders, who dubbed himself a Democratic socialist.

Biden, 77, was the big winner in South Carolina and on Super Tuesday after losing to Vermont Senator Sanders in Iowa and Nevada.

Bloomberg trended on Tuesday when a viral video released by his campaign showed him eating pizza out of a communal pizza box and licking his fingers afterwards.

Donald Trump Jr tweeted: "Truly disgusting!"