Billionaire Democrat Tom Steyer dropped out of the presidential race Saturday night after a disappointing result in the South Carolina primary.

Steyer spent nearly $200 million on TV and digital ads after entering the race in July, according to Advertising Analytics, but he finished well behind the top Democratic contenders in each of the early states.


Steyer’s six-month campaign was marked by a strong focus on appealing to voters of color, as well as his multi-million-dollar ad buys. But it never paid off with a big showing: Steyer placed fifth in Nevada, where he spent $14.3 million, and he is on track to finish third in South Carolina, where he shelled out over $18.3 million on ads, according to Advertising Analytics.

Steyer also sunk a significant amount of money — close to $60 million — into advertising in Super Tuesday states, where voters will go to the polls just days after the end of his campaign.

The billionaire’s campaign message focused on fighting climate change and Steyer’s position as a Washington outsider. He proposed term limits for members of Congress and overturning the Citizens United Supreme Court ruling. His vocal support of reparations for African Americans was a common refrain on the campaign trail and debate stage, which helped him attract ground support from black voters.

In South Carolina, where Steyer hedged his bets on a strong performance due to his inroads in the black community, he spent more than anyone had ever seen. According to FEC filings, in addition to millions on ads, Steyer also directed large amounts of money to black organizations and toward hiring influential black politicians. Steyer won the support of black validators in the state including Johnnie Cordero, chair of the Democratic Black Caucus, and Gilda Cobb-Hunter, one of the most influential black lawmakers in the state who has served in its legislature for nearly 30 years.

Still, Steyer was not able to break down Joe Biden’s firewall of black support in South Carolina. The former vice president made quick work of the Palmetto State on Saturday, finishing in first place with about half the vote and around two-thirds of the black vote. In the debate immediately before the South Carolina primary, Biden pushed Steyer on his investment firm's stake in private prisons, an investment Steyer said was a mistake.


Before he ran for president, Steyer bankrolled two significant outside groups: Need to Impeach, which was an early advocate for impeaching President Donald Trump, and NextGen America, an organization that worked to turn out young voters in an effort to boost Democrats.

Steyer severed his formal ties to both organizations after launching his presidential campaign, but he still committed millions to bankrolling their efforts.

Steyer’s political future is uncertain. The billionaire has long been rumored as a candidate for governor or other office in California, or he could return to one of his outside groups.