Tom Steyer drops out of presidential race three days ahead of California’s primary

Tom Steyer decided on Saturday to drop out of the Democratic presidential race following a disappointing performance in South Carolina.

The San Francisco-based billionaire who made climate change the central issue in his campaign said that while he anticipates he’ll get a couple delegates in the state, he could not picture a way toward securing the party’s nomination.

“I said if I didn’t see a path to winning, I’d suspend my campaign,” Steyer told a crowd of supporters. “I can’t see a path where I can win the presidency.”

While he said he was “disappointed with where we came out,” he vowed to continue “to talk about things I cared the most about and continue to care the most about.”

It’s not yet clear who Steyer would give his delegates to under a possible contested convention. Regardless, Steyer vowed to support whichever Democrat comes out on top.

“Every Democrat is a million times better than Donald Trump. Trump is a disaster,” he said.

Steyer has long been active in California politics, pushing for the overhaul of the state’s cash bail system and successfully working with state lawmakers to pass environmental legislation. He also founded an organization in October 2017 calling for Trump’s impeachment.

For several years, he has stopped short of running for office, though he considered in 2017 challenging incumbent California Sen. Dianne Feinstein. He also made a trip to Iowa in 2019 only to decide against throwing his name in the presidential arena. But after months of deliberation, he entered the 2020 race, where he has since eclipsed the $100 million of his own money he vowed to spend on his candidacy.

An unconventional candidate who was often spotted on the campaign trail wearing the same tie, Steyer came under scrutiny from his Democratic opponents during the presidential debates for his $1.6 billion estimated net worth and past record investing in oil and private prisons when he managed and founded the Farallon Capital hedge fund.

While he doesn’t know what’s next in store for him politically or philanthropically, he vowed to continue being active in the political process.

“When the Lord closes a door, he opens a window,” Steyer said. “I will find that window and crawl through it with you. I promise you that. I love you very much. This has been a great experience. I have zero regrets.”

This story was originally published February 29, 2020 at 6:54 PM.