Billionaire Tom Steyer ends 2020 presidential bid

Billionaire Tom Steyer ended his campaign for the Democratic presidential nomination after a disappointing finish in South Carolina, exactly where he had hoped to make a stand.

Steyer did not garner adequate of the vote to get any delegates. He had been betting on a potent effectiveness in that state immediately after undertaking improperly in the to start with 3 early contests, failing to crack the top rated 4 slots in Iowa, New Hampshire and Nevada.

“I can not see a path the place I can win the presidency,” Steyer said in Columbia, South Carolina. “I have no regrets.”

In South Carolina, he invested thousands and thousands on television adverts just before the other candidates invested in the condition.

Steyer entered the race in July on a platform of reforming the function of revenue in politics and combating local climate transform. He also brought a willingness to shell out freely from his personal fortune to produce his concept.

His departure leaves Michael Bloomberg as the only candidate still left in the race who is self-funding his campaign.

(Bloomberg is the founder and the greater part owner of Bloomberg LP, the mum or dad corporation of Bloomberg News.)

Steyer decided to run irrespective of asserting in January 2019 that he wouldn’t seek out the presidency and would rather focus on Will need to Impeach, his advocacy group devoted to getting rid of President Donald Trump from business.

Steyer vowed to expend $100 million on his marketing campaign. He used pretty much three occasions that significantly, with expenses of $271 million by means of the conclude of January.

He participated in four debates. Regardless of his efforts, Steyer by no means rose to be a top rated-tier candidate. He averaged at or under 2% nationally all through the race in accordance to RealClearPolitics.

Ahead of running for president, Steyer started Farallon Capital exactly where he served as a co-senior handling husband or wife and was a partner and member of the government committee of private equity agency Hellman & Friedman. He and his spouse signed the “giving pledge” agreeing to donate fifty percent of their internet well worth to charity in their lifetime. In 2013, Steyer introduced the progressive political motion committee NextGen The united states, which will work to mobilize young voters and force progressive issues.

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