BREAKING: Tom Steyer Drops Out of 2020 Presidential Race

After a disappointing result in South Carolina, billionaire Tom Steyer has dropped out of the 2020 Presidential race.

With 58% reporting, Steyer is in 3rd place with 11.6% of the South Carolina primary vote.

Steyer recently gained some fame with a viral video dancing to “back that thang up” prior to dropping out.

NBC reports Tom Steyer, the California activist billionaire who has largely been a nonfactor in the Democratic primary campaign, dropped out of the race on Saturday night.

Steyer made the announcement following a disappointing finish in the South Carolina Democratic primary Saturday night. With 56 percent of the vote in, Steyer had just 11.7 percent of the vote — despite spending millions of dollars on campaigning there.

Steyer had initially opted against entering the presidential race before reversing course and joining the large field in July. He spent exorbitant sums of his own money on the race, outpaced in the Democratic field by another late-entrant, former New York City Mayor Mike Bloomberg, the billionaire media mogul.