He was broke, and obviously floundering since he couldn’t manage more than third place in his home state. It’s a bummer, because he was the best of the three candidates – the only one speaking to issues of class (actually, the only serious candidate to do so since Jesse Jackson in 1988) and the only one with anything resembling specific proposals.
Obviously both of the remaining campaigns will be hassling him for an endorsement. According to this CNN article:
“The cynics will say that with Edwards out of the race, a lot of the white working-class people who voted for him will now vote for Hillary Clinton; they’ll see it in racial terms,” said Time magazine journalist Joe Klein. “On the other hand, you could just as easily say that with Edwards out of the race, those people who are more interested in change who were part of his constituency, will go vote for Obama.” He added, “I don’t think he endorses Hillary Clinton. The question is whether or not he endorses Barack Obama.”
The photo comes from his campaign site.