Vivek Ramaswamy drops out of GOP presidential race after Iowa caucus and endorses Trump

Businessman Vivek Ramaswamy dropped out of the GOP presidential race after the Iowa caucus results on Monday evening and endorsed former President Trump.

"There are two America first candidates in this race," he said, explaining that he called Trump and congratulated him.

"Now, going forward, he will have my full endorsement for the presidency and I think we're going to do the right thing for this country," he added.

Ramaswamy trailed Trump, former U.N. Ambassador Nikki Haley and Florida Gov. Ron DeSantis in the polls heading into the Iowa caucus.

Trump was declared the winner of the caucus early Monday evening. The Iowa caucus is the first primary state. The next primary election takes place in New Hampshire.