Steyer drops out of 2020 race

Billionaire businessman Tom Steyer dropped out of the presidential race after a disappointing showing in South Carolina’s primary.

Steyer’s poor showing came after he had made a big play for South Carolina. Results with nearly 60 percent of precincts reporting showed him with just over 11 percent of the vote, behind former Vice President Joe Biden and Sen. Bernie Sanders (I-Vt.).

Former Vice President Joe Biden won South Carolina decisively, with Sen. Bernie Sanders (I-Vt.) placing a distant second and Steyer finishing third.

“There’s no question today that this campaign, we were disappointed with where we came out,” Steyer said in his concession speech. “But I said, if I didn’t see a path to winning, that I’d suspend my campaign. And honestly, I can’t see a path where I can win the presidency.”

The philanthropist had poured over $20 million of his own money into South Carolina to fund an advertising blitz, offering competitive campaign salaries and hiring many businesses owned by African Americans, who make up the majority of the Democratic electorate in the state.

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