No, Tom Steyer is not dropping out of the race

Tom Steyer on Tuesday swiftly shut down rumors that he is dropping out of the Democratic presidential race.

After the polls closed in New Hampshire, a reporter tweeted that Steyer, a billionaire hedge fund manager and philanthropist, told supporters he was ending his presidential campaign. Steyer quickly released a statement, saying the results show "the race for the Democratic nomination is wide open. Until Nevada and South Carolina have the chance to vote, we won't know which candidates can build the diverse and unified coalition we need to win in November."

In order to defeat President Trump, "we need to expose him as a fraud and failure on the economy, and we need to build a diverse, national coalition," Steyer continued. "I believe the candidates who do well in Nevada and South Carolina will head into Super Tuesday with the proven ability to build such a diverse coalition." With 82.6 percent of New Hampshire precincts reporting, Steyer has 3.5 percent of the vote.

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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.