With Joe Biden and Bernie Sanders sharing trading victories through the night, Bloomberg was left in the delegate dust with his only victory the American Samoa caucuses, which awarded him five delegates.
"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. Way to go Mike!," Trump tweeted.
Bloomberg -- who is ranked by Forbes as the eighth richest person in the U.S. -- has spent more than $500 million on ads since declaring his candidacy in late November.
Bloomberg's campaign spokeswoman told Fox News earlier Tuesday night the candidate remained optimistic despite Biden and Sanders racking up victories.
"It's still an early night," Sabrina Singh said "...It's a long night ahead of us. We have so many states that we are waiting to see how the results look for us. Arkansas, Oklahoma. Utah, Colorado...Mike has been really crisscrossing the country and going big in these Super Tuesday states and beyond."
"You don't call the game in the first quarter," Singh added, "and we're still in the first quarter right now."
Fox News' anchor Martha MacCallum asked whether Bloomberg would suspend his campaign after a poor showing, which caused the spokesperson to appear to backtrack and look towards the future.
"I don't know that I meant tonight as in tonight will definitely inform decision making ... but I don't think anything’s going to get decided tonight," she clarified.
"We are super excited to be in Florida, looking ahead. We know the map for Mike only gets better as time goes on."
At a rally in West Palm Beach, Florida on Tuesday night, Bloomberg told a crowd of 1,500 supporters he would press on.
“No matter how many delegates we win tonight, we have done more than anyone has thought was possible,” Bloomberg said. “In three months, we went from less than one percent to being a contender for the Democratic nomination for president!”
Fox News' Yael Halon and Brooke Singman contributed to this report