SAN FRANCISCO -- California's crowded race for governor just got a little narrower.

Billionaire Stephen Cloobeck has dropped out and is endorsing Bay Area Congressman Eric Swalwell.

MORE: Bay Area Congressman Eric Swalwell announces run for California governor

Both appeared on CNN Monday night to make the announcement.

"I am dropping out of the race and supporting Eric Swalwell as the next governor of California, and he will be the greatest leader of this great state," Cloobeck said.

Cloobeck is the first former candidate to endorse another candidate in the race.

"If Eric weren't in this race, I'd still be in it," he said. "But I am leaving this race because the most qualified person in the state is now running for governor."

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