Billionaire Tom Steyer (D) dropped out of the presidential race following an abysmal showing in South Carolina’s Democrat Primary on Saturday, despite dousing the state with millions of dollars in ads.

Steyer officially suspended his presidential campaign on Saturday evening, shortly after outlets declared former Vice President Joe Biden (D) the winner of the Palmetto State’s primary.

“I got into this race for a really, really good reason,” Steyer said during his concession speech, citing people not “adequately addressing racial injustice in this country” as one of his primary reasons.

He expressed his gratitude to his supporters but conceded, “I said if I didn’t see a path to winning, that I’d suspend my campaign.”

“Honestly, I can’t see a path where I can win the presidency,” he continued, promising to continue to work on the issues he is passionate about.

He added that he will “of course” support the eventual Democrat nominee and called President Trump a “disaster”:

BREAKING: Tom Steyer is ending his 2020 Democratic presidential primary run, spokesperson says. https://t.co/oUO8SuLczq — NBC News (@NBCNews) March 1, 2020

Steyer made waves ahead of South Carolina’s primary after joining Juvenile on stage and dancing to “Back That Azz Up” during a campaign stop in the state:

Democratic presidential hopeful Tom Steyer when the beat dropped … pic.twitter.com/qTL5MepogO — Mitti Hicks (@MittiMegan) February 29, 2020

As of 9:50 p.m. EST, Steyer failed to reach the 15 percent delegate threshold in South Carolina with 80 percent of precincts reporting.