Tom Steyer drops out of 2020 presidential race
Billionaire Tom Steyer ended his 2020 presidential campaign on Saturday after struggling to gain traction in early state primaries, including a third-place South Carolina finish that isn't expected to earn delegates.
The big picture: Steyer, a late entrant to the race, vowed to spend $100 million of his own money on the campaign — a move that upset some grassroots Democrats.
- He qualified for the October, November and December debates, but failed to land a spot for January's round, making a comeback in the first February debate.
- But Steyer's campaign came with some baggage. Though he's dedicated his recent efforts to addressing climate change and he sold his holdings in companies that generate fossil fuels, the billionaire bankrolled numerous projects that will continue to emit carbon into the foreseeable future.
- Steyer and former New York City Mayor Michael Bloomberg, a fellow billionaire, have spent a combined $409 million on TV ads as of Feb. 13.