Democratic 2020 U.S. presidential applicant billionaire activist Tom Steyer speaks at the Democratic 2020 U.S. presidential candidates discussion in Manchester, New Hampshire, U.S., Feb 7, 2020.

Brian Snyder | Reuters

Billionaire Tom Steyer, an early proponent of impeaching President Donald Trump, has dropped out of the Democratic presidential primary race.

“Honestly, I are unable to see a route where by I can win the presidency,” Steyer told supporters Saturday evening, whilst pledging to keep on functioning on issues he has been functioning on, like climate alter and racial inequality.

He also mentioned he would use his vast assets to assist the eventual Democratic presidential nominee and other social gathering candidates in the common election this November. 

“Each individual Democrat is a million moments greater than Trump. Trump is a catastrophe,” Steyer claimed. “So of study course I’ll be performing on that.”

He failed to get to the 15% viability level to gain delegates in Saturday’s contest in South Carolina, the place he experienced put in extra than $20 million, according to an NBC News projection. Previous Vice President Joe Biden won the major in the Palmetto Point out by a substantial margin, even though Sen. Bernie Sanders, who is thought of the race’s entrance-runner, came in second.

With much more than 50% of the vote in, Steyer experienced scored nearly 12% of the vote in South Carolina.

He stumped and put in intensely in the early primary and caucus states of Iowa, New Hampshire and Nevada, as nicely, but individuals attempts did not aid him crack the prime echelon of contenders.

By the finish of January, Steyer had spent $253.7 million on his marketing campaign, according to a Federal Election Fee submitting. 

Whilst he certified for quite a few debates, he struggled to get outside of 2% in most national polls. For the duration of the South Carolina discussion before in the 7 days, he experienced to fend off attacks from rivals, particularly Biden, about his previous investments in the coal and private jail industries.

Steyer ran on what he explained as the 5 rights wellness care, an equivalent vote, cleanse air, an training and a living wage.

The previous hedge fund manager was a critical financier for Democrats operating for congress all through the 2018 congressional midterms.

Steyer, together with fellow billionaire Mike Bloomberg, blended to shell out hundred of thousands and thousands on Democratic candidates. That cycle, the Democrats flipped the U.S. House of Representatives, getting the greater part.

Considering the fact that then, Democrats impeached Trump, which Steyer experienced been contacting for due to the fact the 2016 election, and Bloomberg entered the race.

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