Mar 1, 2020 - Politics & Policy

Tom Steyer drops out of 2020 presidential race

Tom Steyer. Photo: Josh Edelson/AFP/Getty Images

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.

Go deeper: 2020 presidential election: Track which candidates are running

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Bloomberg scraps plan to create own PAC, donates $18 million to DNC

Photo: Spencer Platt/Getty Images

Mike Bloomberg's 2020 campaign announced Friday that he would scrap his plan to create his own PAC — which would utilize his campaign infrastructure and staff to support the Democratic nominee — and will instead donate $18 million to the DNC.

Why it matters: It's a significant reneging of a key promise from the New York billionaire, who pledged to continue to pay his campaign staff at least through November to back whoever was selected to take on President Trump.

Sanders campaign says it raised $46 million in February

Sanders speaking at a campaign rally in Virginia Beach, Virginia on Feb. 29. Photo: Eric Baradat/AFP via Getty Images

Bernie Sanders' campaign announced Sunday that it raised $46.5 million in February alone — a staggering figure that dwarfs the $25 million it raked in during January.

By the numbers: The money came from 2.2 million individual donations, including more than 350,000 people who contributed to the campaign for the first time. It raised $4.5 million on Saturday when the Vermont senator finished a distant second behind Joe Biden in the South Carolina primary.

Biden projected to win Tennessee Democratic primary

Photo: Mark Felix/AFP /AFP via Getty Images

Former Vice President Joe Biden is projected to win the Tennessee Democratic primary with 64 delegates at stake, according to multiple media projections.

The big picture: Biden has won sweeping victories across a number of South states, driven largely by his strong support among black voters. According to NPR, Biden allocated the largest portion of his Super Tuesday ad spending to Tennessee. Billionaire Tom Steyer was a potential threat but dropped out Saturday night after an underwhelming finish in South Carolina's primaries.