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Steyer drops out of 2020 race

Steyer drops out of 2020 race
© Greg Nash

Billionaire businessman Tom SteyerTom SteyerTop 12 political donors accounted for almost 1 of every 13 dollars raised since 2009: study California Democrats weigh their recall options Why we should be leery of companies entering political fray MORE dropped out of the presidential race after a disappointing showing in South Carolina's primary.

Steyer's poor showing came after he had made a big play for South Carolina. Results with 85 percent of precincts reporting showed him with just over 11 percent of the vote, below the 15 percent threshold needed to win delegates from the state.

Former Vice President Joe BidenJoe BidenBiden to meet with 6 GOP senators next week Arizona secretary of state gets security detail over death threats surrounding election audit On The Money: Five takeaways on a surprisingly poor jobs report | GOP targets jobless aid after lackluster April gain MORE won South Carolina decisively, with Sen. Bernie SandersBernie SandersGOP is consumed by Trump conspiracy theories Manchin on collision course with Warren, Sanders Sanders on Cheney drama: GOP is an 'anti-democratic cult' MORE (I-Vt.) placing a distant second and Steyer finishing third.

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“There’s no question today that this campaign, we were disappointed with where we came out,” Steyer said in his concession speech. “But I said, if I didn’t see a path to winning, that I’d suspend my campaign. And honestly, I can’t see a path where I can win the presidency.”

The philanthropist had poured over $20 million of his own money into South Carolina to fund an advertising blitz, offering competitive campaign salaries and hiring many businesses owned by African Americans, who make up the majority of the Democratic electorate in the state.

However, he was unable to overcome Biden's strong support among African Americans.

Steyer has struggled to stand out in the race, finishing far behind the pack in Iowa and New Hampshire, while notching a fifth-place finish in Nevada.

The billionaire businessman vowed to support the ultimate Democratic presidential nominee, saying any of the contenders would be “a million times better” than President TrumpDonald TrumpDemocrats, activists blast reported Trump DOJ effort to get journalists' phone records Arizona secretary of state gets security detail over death threats surrounding election audit Trump admin got phone records of WaPo reporters covering Russia probe: report MORE, while promising to stay involved in South Carolina.

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“I’m not leaving. You may want me out of here. I’m not leaving. We’re already figuring out ways in fact to make sure that we stay in South Carolina,” he said.

Lindsey GrahamLindsey Olin GrahamLindsey Graham: GOP can't 'move forward without President Trump' House to advance appropriations bills in June, July The unflappable Liz Cheney: Why Trump Republicans have struggled to crush her  MORE’s a disaster. He’s the disaster here. So of course I’ll be working on that,” he added, hinting he would be involved in the effort to unseat Sen. Lindsey Graham (R-S.C.).

Steyer said he still felt vindicated by his campaign, which centered around ending corporate corruption, rectifying racial inequities and advocating for solutions to tackle climate change. He also made term limits for Congress and reparations for African Americans focal points of his White House bid.

“I didn’t get into this race and start talking about things to try to get votes. I was in this race to talk about things that I care the most about and that I continue to care the most about,” he said. “This has been a great experience. I have zero regrets.”

Updated at 9:57 p.m.