New York City Mayor Eric Adams dropped out of the city's mayoral race on Sunday, halting his re-election campaign just five weeks before Election Day.
Adams announced his decision in a nearly nine-minute video posted on social media, offering no clues about his plans after leaving office.
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"It's been an honor to be your mayor," Adams said in his announcement, as he highlighted what he described as achievements related to crime reduction, housing affordability and economic recovery during his time in office.
"And yet despite all that we have achieved, I cannot continue my re-election campaign," he said, adding that he was unable to raise the funds for a "serious campaign."
The move followed weeks of speculation he might clear the way for former Gov. Andrew Cuomo in a contest where Democratic nominee Zohran Mamdani, a democratic socialist, has gained momentum.
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Adams has also trailed both Mamdani and Cuomo significantly in campaign fundraising and spending.
Mamdani framed Adams' exit as a pivotal moment, pledging that voters in November will "turn the page on the politics of big money and small ideas."
"Donald Trump and his billionaire donors might be able to determine Eric Adams and Andrew Cuomo's actions but they will not dictate the results of this election," Mamdani wrote in a statement.
Meanwhile, Republican candidate Curtis Sliwa's campaign framed him as the strongest challenger to Mamdani.
"Curtis Sliwa is the only candidate who can defeat Mamdani. Our team, our resources, and our funding are unmatched," campaign spokesperson Daniel Kurzyna wrote in a statement.
Cuomo said he believed Adams' decision was "sincere in putting the well-being of New York City ahead of personal ambition."
"Mayor Adams has much to be proud of in his accomplishments. Whatever differences we may have, Eric Adams' story is undeniably one of resilience, a testament to the spirit of this city," Cuomo added.
Adams' exit comes as New York City eyes the potential election of 33-year-old democratic socialist upstart Mamdani.
Mamdani's ascent has drawn national notice: President Donald Trump told reporters earlier this month he'd "like to see two people drop out" of the NYC mayoral race to improve the chances of beating Mamdani.
CLICK HERE FOR THE LATEST FOX NEWS COVERAGE OF THE NEW YORK CITY MAYORAL SHOWDOWN
The Trump administration has slammed Mamdani's economic agenda, casting it as a threat to business and growth. The White House did not immediately respond to Fox News Digital's request for comment.
Mamdani has placed affordability at the center of his campaign to lead America's largest city, pitching ideas such as free buses, city-owned grocery stores, and rent freezes for tenants in rent-stabilized apartments.
Those proposals have energized progressive voters but rattled Wall Street, where executives warn they could drive investment out of New York and weaken the city's tax base.
TREASURY'S BESSENT WARNS NYC: NO BAILOUT UNDER MAMDANI - 'DROP DEAD'
Treasury Secretary Scott Bessent said on Wednesday that Mamdani's proposals risk driving New York City into financial crisis, warning that if the city turns to Washington for a bailout, it won't receive one.
"You can't enact policies like this and expect to be bailed out," Bessent said during an interview with FOX Business' Maria Bartiromo on "Mornings with Maria."
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"And are you going to give them that bailout?" Bartiromo pressed.
"It will be the same thing that Gerald Ford said. Drop dead," Bessent said.
