Billionaire businessman Tom Steyer lost in Nevada after holding more events and spending more money on ads than any other Democrat presidential candidate seeking the party’s nomination.

Socialist Sen. Bernie Sanders (I-VT) is the projected winner of the Nevada caucus.

As of 9:45 p.m. EST, preliminary figures (with just 11 percent of precincts reporting) showed Steyer close to last place, receiving less than five percent of the vote.

The billionaire seemed undeterred, however, writing on Twitter, “Proud of everything we accomplished in Nevada. We’re only gaining strength as the electorate gets more diverse and more representative of the country.”

Proud of everything we accomplished in Nevada. We're only gaining strength as the electorate gets more diverse and more representative of the country. pic.twitter.com/NlJ8Nm171U — Tom Steyer (@TomSteyer) February 23, 2020

“We don’t have official results. I think we’re going to have a good night tonight,” he told his supporters, adding “I think this is the start of us moving up.”

National Public Radio (NPR) noted on Saturday that Steyer “held the most events in Nevada of the eight Democrats remaining in the race to be their party’s presidential candidate.”

Steyer “held a total of 56 events in Nevada. He also leads in ad spending in the state, dropping more than $16 million,” NPR added.

Overall, “Steyer has accounted for two-thirds of Democratic candidates’ total ad spending in Nevada,” the news outlet pointed out.

Democrat candidates are competing for 36 delegates in Nevada, home to the second caucuses of the primary season.