There is no spinning this. She might continue on. There will be pressure for her to do so. But tonight Elizabeth Warren’s presidential campaign ended.
The most interesting question is what she does when she drops out. She played footsie with Bernie Sanders throughout the entire race, always assuming that she needed to stay on the good side of his supporters. Will she outright endorse him now? Because it would be a very real risk for her to throw in with the guy who isn’t even an actual Democrat. If she did, it would force the hand of the anti-Bernies who are already running out of time to coalesce.
She could endorse Buttigieg, if she thinks he’s the future of the party. Or Klobuchar, to do a fellow senator a solid. Or, theoretically, Biden. (Though it’s impossible to see why she’d do that.) But the most likely path is waiting until the writing is already on the wall and hopping on the winning horse.