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Business Insider

Billionaire former hedge fund manager and liberal activist dropped out of the 2020 Democratic primary after a disappointing finish in the February 29 South Carolina primary.

Despite spending $150 million on ads in early states and $253 million on his campaign in total, Steyer failed to earn any delegates at all or break more than 4% of the vote in Iowa, New Hampshire, or Nevada.

Steyer also failed to meet the 15% minimum threshold to earn statewide delegates in South Carolina.

Joe Biden

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Billionaire former hedge fund manager and liberal activist Tom Steyer dropped out of the 2020 Democratic primary after a disappointing finish in the February 29 South Carolina primary.

Steyer quit the race after coming in third place in South Carolina with about 11% of the vote, failing to meet the 15% minimum threshold to earn statewide delegates.

Steyer, who is worth an estimated $1.6 billion, had spent $253.7 million, or over a quarter of a billion dollars of his own fortune on his presidential campaign in total through the end of January, NBC reported.