Entrepreneur Vivek Ramaswamy suspended his 2024 presidential campaign on Monday and endorsed former President Trump — just over two hours after the Republican primary front-runner won the first-in-the nation Iowa caucuses.

Why it matters: Ramaswamy entered the 2024 race with no prior political experience, but he boosted his name and had a brief moment in the polls as he repeatedly praised former President Trump and pushed far-right ideas.

Driving the news: Ramaswamy announced that he was suspending his presidential campaign after he was expected to finish in fourth in Monday's caucuses.

• "We did not achieve the surprise that we wanted to deliver tonight," Ramaswamy said.
• Ramaswamy, speaking after Trump won a decisive victory in the caucuses, said that he called Trump earlier in the night to "congratulate him on his victory."
• "And now going forward, he will have my full endorsement for the presidency," Ramaswamy said.

The big picture: Ramaswamy emerged as a lightning rod during the GOP presidential debates, aggressively attacking his rivals and engaging in combative, sometimes personal, criticisms.

• Ramaswamy, who campaigned aggressively, gained traction in polls in late summer but struggled to keep the momentum going in the fall and early winter.
• He polled in the low-single digits in national primary polls by that time, according to FiveThirtyEight.

State of play: The outsider candidate announced last February that he was launching his presidential campaign.

• The founder of the biotech firm Roivant Sciences and author of the book "Woke Inc.," Ramaswamy proposed extreme policies, such as raising the voting age to 25, shutting down the FBI and the IRS and ending affirmative action by executive order, among others.

Go deeper: Ramaswamy joins TikTok as other GOP candidates snub Chinese-owned app

Editor's note: This is a developing story. Please check back for updates.