UNITED STATES—Presidential candidate Tom Steyer, 62, dropped out of the 2020 presidential race on Saturday, February 29.

The billionaire, one of two in the Democratic Primary race, announced Saturday that he was ending his presidential campaign where he had spent more than $260 million of his own money in efforts to become the next POTUS. Despite investing significantly in South Carolina, polls showed him leaving the state with little chance of gaining national delegates.

Steyer is the founder of the political organizations, NextGen America and Need to Impeach, through which he supported Democratic candidates and ballot initiatives, as well as led an impeachment movement against current President Donald Trump.

Forbes estimates Steyer’s net worth at $1.6 billion, mostly due to his longtime hedge fund, Farallon Capital, which he sold in 2012. Steyer never held an elected position in politics or have any political background.