Tom Steyer, the billionaire hedge fund manager and environmentalist who has been pushing for President Trump's impeachment, will not be running for president in 2020.

Steyer, 61, whose "Need to Impeach" petition to oust Trump from the White House has amassed almost 6.7 million signatures, won't contest the Democratic Party's presidential nomination, spokeswoman Aleigha Cavalier told the Washington Examiner.

Steyer was in Des Moines, Iowa, on Wednesday to talk with teachers and students about education policy as part of his "Five Rights" platform, a set of priority issues he starting promoting last year. The megadonor told CNN last October he may endorse another presidential hopeful who shares similar values.

Steyer was also in the first-in-the-nation caucus state this week to host a town hall and meet with Iowa Latino and Asia Coalition representatives. He has been traveling to early nominating states as he mulled whether he wanted to vie for the White House.

"I will do whatever it takes, for as long as it takes, to remove this president. Not because I disagree with his policies," Steyer said in a tweet. "Not because we hold different ideologies. But because the right time to do the right thing is ALWAYS right now."

[Opinion: Tom Steyer bows out of 2020, announces plans to light his money on fire instead]



I will do whatever it takes, for as long as it takes, to remove this president.



Not because I disagree with his policies. Not because we hold different ideologies.



But because the right time to do the right thing is ALWAYS right now. — Tom Steyer (@TomSteyer) January 9, 2019



Steyer's decision comes after he invested $120 million ahead of the 2018 elections to support Democratic candidates. After posting an advertisement on LinkedIn in December seeking staff, he had hired a campaign manager, conducted polling, and poached former Massachusetts Gov. Patrick Deval's top adviser, the New York Times reported. The newspaper reported on Wednesday he would instead give $40 million to further his impeachment efforts.