New Jersey Gov. Chris Christie is ending his bid for the presidency, a spokesperson has confirmed.

Christie met with his campaign staff this afternoon to thank them and break the news. “We bet the ranch on New Hampshire, and no one ever anticipated the Trump phenomenon,” an insider told ABC News. “He’s a realist.”

Christie himself said last night after the New Hampshire results came in that he was going to return home to New Jersey and “take a deep breath.” Suspicion Christie would be leaving the race intensified this morning when the governor cancelled a scheduled campaign appearance today in South Carolina, the next stop on the primary schedule. Christie was polling poorly in South Carolina and based on the criteria for the GOP debate there, Christie was an extreme long shot to even make the debate stage.

Breaking News: @ChrisChristie is suspending his campaign. pic.twitter.com/dsERpbwO76

— FOX Business (@FoxBusiness) February 10, 2016

Christie finished a disappointing sixth in Tuesday night’s New Hampshire primary, garnering only 7.4% of the vote, despite campaigning heavily in the state and earning headlines in Saturday night’s debate with his take down of Marco Rubio. Conservative commentator S.E. Cupp made note of the Rubio exchange when reacting to the Christie news:

If he suspends, not sure what Christie can say he accomplished in this campaign, other than bruising the party's rising star for no net gain

— S.E. Cupp (@secupp) February 10, 2016

With Christie and Carly Fiorina leaving the race today, seven contenders officially remain in the race for the Republican nomination.

Christie was initially considered a top contender for the 2016 race. However, the so-called Bridgegate scandal put the brakes on any momentum he would have had going into the actual campaign.

Still, Christie put on a brave face last night, “We leave New Hampshire tonight without an ounce of regret.”