Tom Steyer.
(Image credit: Drew Angerer/Getty Images)

Billionaire Tom Steyer's path to the presidency ended where he hoped it would really begin.

Steyer announced Saturday night that he's dropping out of the Democratic presidential race. He had his strongest primary performance Saturday in South Carolina, where he's on pace to finish in third place behind former Vice President Joe Biden and Sen. Bernie Sanders (I-Vt.), but his aggressive campaigning in the state ultimately didn't achieve the results he was seeking.

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Tim O'Donnell

Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.