Updated at 9:36 p.m. ET
Tom Steyer, the billionaire hedge fund investor and environmental activist who staked his campaign on a strong finish in South Carolina, suspended his presidential campaign on Saturday.
Steyer aggressively courted the black vote in the state, with a focus on racial and economic justice but had a disappointing finish. Former Vice President Joe Biden was projected to win the state.
“I said if I didn’t see a path to winning, that I’d suspend my campaign,” Steyer told supporters on Saturday. “And honestly, I can’t see a path where I can win the presidency.”
Steyer had spent more time in South Carolina than any other candidate and fielded the largest on-the-ground campaign staff.