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Billionaire Tom Steyer says he will not run in 2020

Tom Steyer
Tom Steyer. Photo: Sean Rayford via Getty Images

California billionaire Tom Steyer, who has poured millions into a campaign to impeach President Trump, said Wednesday he will not run for president in 2020, the New York Times reports.

Details: The Democratic activist, who said he will make an announcement about his political plans today in Iowa, concluded that he "could have a greater political impact through his impeachment activism," several of his advisers told the Times.