After Heavy Spending And Loss In Colorado, Michael Bloomberg Drops Out Of Race

(CBS4) - Former New York Mayor Mike Bloomberg dropped out of the race for the Democratic nomination for president on Wednesday. He garnered about 20 percent of the vote in Tuesday night's Colorado primary. With 70% of precincts reporting it appeared he would place third behind winner Bernie Sanders and Joe Biden.

Bloomberg's campaign spent $234 million on radio, television and digital ads in the 14 states, including Colorado, that were part of the Super Tuesday voting.

Bloomberg joined the race for president about three months ago. Earlier he had said he wouldn't run, but then he declared he didn't have confidence that any of the Democrats who were running would be able to defeat President Donald Trump. He won a disappointing estimated total of 31 delegates on Super Tuesday.

PHOTO GALLERY: Super Tuesday In Colorado

After announcing his candidacy in December, Bloomberg made one of his first campaign stops in Colorado. He met with survivors and victims of gun violence in Aurora. Bloomberg has been a champion of gun control for 15 years. At the time, he suggested his opponents have only come around recently, "I believe we need a president with a track record of taking on the NRA and winning. I've done it."

MORE FROM CBSNEWS.COM: Bloomberg ends presidential run and endorses Biden after Super Tuesday rejection