March 2 (UPI) -- Billionaire Tom Steyer suspended his presidential campaign after a disappointing third-place finish in Saturday's South Carolina primary.
In a post on his website titled, "Thank you for everything," the 62-year-old California environmental activist said he could "no longer see a path the presidency" after winning just 11.3 percent of the South Carolina vote.
"From the bottom of my heart, I want to thank you for your support over the past eight months through this presidential race," he wrote. "I am so deeply inspired by how many dedicated Americans showed up to participate in our democracy -- voting in the early states, volunteering countless hours, giving your all to support the candidates and values you believe in.
"I have always said that win, lose, or draw, I am in this fight. So am I going to continue to work on the issues that got me into this race? Yes, I am. You can count on that."
Former Vice President Joe Biden won in South Carolina, followed by Vermont Sen. Bernie Sanders. Massachusetts Sen. Elizabeth Warren finished fifth and Minnesota Sen. Amy Klobuchar sixth. Former New York City Mayor Michael Bloomberg was not on the ballot.
Steyer concentrated heavily on appealing to black voters in South Carolina, spending more time there than any other candidate and buying $21 million in television and radio ads. The billionaire spent nearly $160 million on advertising over the course of his campaign.
The hedge fund manager, whose NextGen America organization aims to galvanize progressive young voters, raised his national profile by pushing for Trump's impeachment during the 2018 mid-term elections.