Tom Steyer ends campaign after Biden wins South Carolina primary

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Steyer suspends presidential campaign after SC primary: I can't see a path to win

Billionaire activist Tom Steyer announces the end of his Democrat presidential campaign to a group of supporters.

Billionaire and environmental activist Tom Steyer ended his presidential bid Saturday, after what appeared to be a third-place finish in South Carolina's Democratic presidential primary.

Steyer made the announcement during his post-primary rally in South Carolina and told voters he no longer sees a viable path forward to winning the White House.

"We were disappointed with where we came out. I think we got one or two delegates from congressional districts, which I thank South Carolina for," he said. "But I said if I didn't see a path to winning, that I'd suspend my campaign. And honestly, I can't see a path where I can win the presidency."

Steyer promised to remain involved in political issues across the country and said any one of the Democratic candidates for president would be better than President Trump. He also took a shot at Sen. Lindsey Graham, a Republican from South Carolina.

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"Every Democrat is a million times better than Trump," he added. "Trump is a disaster. ... Lindsey Graham's a disaster. He's a disaster for the people here."

President Trump later responded on Twitter, mocking Steyer who, before he announced his candidacy, had spent millions on an effort to have Trump impeached -- only to see the president acquitted Feb. 5.

"Tom Steyer who, other than Mini Mike Bloomberg, spent more dollars for NOTHING than any candidate in history, quit the race today proclaiming how thrilled he was to be a part of the Democrat Clown Show," Trump wrote. "Go away Tom and save whatever little money you have left!"

Steyer's withdrawal came shortly after former Vice President Joe Biden won the South Carolina Democratic presidential primary. Fox News projected Sen. Bernie Sanders would finish in second place, with Steyer in third.

Steyer, who reportedly spent over $250 million on his campaign, has put much of his energy into a good performance in the Palmetto State. He had told supporters and volunteers gathered at his South Carolina campaign headquarters Saturday that “there is an old saying when you run a race, which is that you don’t run to the end, you run through the tape. And that is exactly where we are today.”

Steyer had a string of lackluster single-digit finishes in the Iowa caucuses Feb. 3, the New Hampshire primary Feb. 10, and the Nevada caucuses Feb. 22. But he heavily courted black voters and was optimistic things would be different Saturday in South Carolina, where African-Americans were expected to make up roughly 60 percent of the Democratic presidential primary electorate.

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"We have a very good team here. I’ve spent a lot of time on the ground and I’m talking straightforwardly about issues," he said. "This is a heavily African-American state. I talk very straightforwardly about race. I’m the only person talking about reparations for slavery. I think I’ve been here the most and looked most people in the eye and talked most straightforwardly and I think that’s why.”

Fox News' Patrick Ward and Paul Steinhauser contributed to this report.