Vivek Ramaswamy drops presidential bid after poor showing in Iowa

The entrepreneur then endorsed former President Donald Trump.

On the heels of a fourth-place finish in Iowa, Vivek Ramaswamy announced he is dropping his bid for the GOP presidential nomination. 

"We did not achieve the surprise we wanted to deliver," Ramaswamy told a crowd of supporters in Iowa on Monday night. 

Ramaswamy added that he sees no path for him to become the next president. 

The entrepreneur then endorsed former President Donald Trump, who won the Iowa caucuses. 

This is a breaking news story. Check back for updates.