The progressive billionaire Tom Steyer will not run for the White House. Steyer announced he would not pursue a presidential bid at an event in Des Moines, Iowa, on Wednesday afternoon.

Steyer, who earned his fortune as a hedge fund manager, has appeared around the country to organize around his Need to Impeach group, an effort to encourage support for the impeachment of Donald Trump. The group built a formidable email list of more than 6 million people committed to removing Trump from office.

“The impeachment question has reached an inflection point. That’s why I just announced that I will be dedicating 100% of my time and effort in 2019 towards Mr Trump’s impeachment and removal from office,” said Steyer.

The news was first reported by the New York Times.

He announced on Wednesday that he commit another $40m of his fortune to the group and defined success as either the House beginning impeachment proceedings or Trump resigning from office.

The billionaire outlined the initial steps that his group would take including town halls in Nevada, New Hampshire and Washington DC over the next month, as well as efforts to organize in the districts of key Democratic congressional committee chairs and an “impeachment summit” to be held in late January in Washington DC.

Steyer noted the unusual location for a potential candidate to announce that they would not pursue a campaign in his remarks.

“Most people come to Iowa around this time to announce a campaign for president but I am proud to be here to announce that I’ll do whatever it takes for as long as it takes to remove a president,” he said.

The San Francisco Democrat has poured his fortune into progressive causes in recent years. The liberal advocacy group that he founded, Next Gen America, spent heavily in the 2018 midterms to gin up turnout among young voters. He began his political involvement after the 2012 election to rally around the issue of climate change, a topic he has long been vocal about.

Although Steyer had gone so far as to advertise job listings for potential staff members, he decided against a pursuing a presidential bid.