Vivek Ramaswamy
Vivek RamaswamyREUTERS/Scott Morgan

Businessman Vivek Ramaswamy is set to suspend his 2024 presidential bid, his campaign announced on Monday night, according to NBC News.

The 38-year-old entrepreneur decided to drop out of the race after a disappointing showing in the Iowa caucuses, which were won by former President Donald Trump.

Ramaswamy’s campaign aligned with Trump in both tone and policy substance, but he was ultimately unable to pull much support away from Trump.

In the days before the Iowa Caucuses, Trump took direct aim at Ramaswamy for calling him “wounded.” In a post on Truth Social, Trump said “Vivek started his campaign as a great supporter, ‘the best President in generations,’ etc, unfortunately now all he does is disguise his support in the form of deceitful campaign tricks.”

During the first Republican primary debate, Ramaswamy was famously taken to task by fellow Republican presidential candidate Nikki Haley.

"Israel doesn't need the US, we need Israel. Israel is the front line of defense against Iran," Haley told the crowd at the debate. "Vivek wants to give Ukraine to Russia, let China eat Taiwan, and stop supporting Israel. That's not what you do for your friends. You need to have your friends' backs."

Ramaswamy stated his desire to end US military aid to Israel by 2028, assuming that additional peace deals are reached with the Arab and Muslim world by that time.

Following the debate, Ramaswamy walked back his comments about Israel and stated that he would not cut aid to the Jewish State unless Israel said it no longer needed US aid. In an interview with Israel Hayom, he stated that America's aid to Israel benefits the US.

Other candidates who have dropped out of the Republican presidential race are former New Jersey Governor Chris Christie, Sen. Tim Scott (R-SC), who dropped out in mid-November, and former Vice President Mike Pence who withdrew in late October.