Steyer Drops Out of 2020 Presidential Race

Democrat Tom Steyer addresses the crowd at his election-eve rally the night before the South Carolina presidential primary in Columbia, S.C., on Feb. 28, 2020. AP Photo/Meg Kinnard

Tom Steyer has dropped out of the Democratic presidential race.

The billionaire activist made the announcement Saturday night after a disappointing finish in the South Carolina primary. Joe Biden notched his first primary win in the state, while Democratic front-runner Bernie Sanders finished second.