Bloomberg quits race, endorses Biden

After spending more than $500m on advertising, organizing and bizarre online media stunts involving anything-for-money influencers, billionaire Mike Bloomberg is suspending his campaign. His dismal performance on Super Tuesday, writes Axios's Alexi McCammond, led to a quick endorsement of Joe Biden, the centrist candidate he had hoped to displace.

The big picture: Bloomberg's self-funding drew backlash from an increasingly progressive party that is skeptical of the role of big money in politics. Bloomberg was one of two billionaires in the race, joined by Tom Steyer, who dropped out over the weekend.

Bloomberg will continue paying his campaign workers through to november, however, and pledged to put them to use supporting whomever wins the Democratic Party's nomination to take on President Trump in the general election.