Billionaire businessman Tom Steyer dropped out of the presidential race after the South Carolina primary on Saturday, February 29.

"I said if I didn't see a path to winning that I'd suspend my campaign," he told his supporters. "And honestly, I can't see a path where I can win the presidency."

Steyer has operated as a funding force in Democratic politics in recent years, bankrolling candidates and organizations that promote liberal causes, including the impeachment of President Donald Trump. Steyer's net worth reached $1.6 billion last year, according to Forbes. He began amassing his fortune in 1986 when he launched his hedge fund Farallon Capital.

Steyer and his wife, Kat Taylor, have four children. Steyer posted this undated photo <a href="index.php?page=&url=https%3A%2F%2Fwww.facebook.com%2Fofficialtomsteyer%2Fphotos%2Fa.867019440086185%2F959282400859888%2F" target="_blank" target="_blank">on his Facebook page</a> in May 2016.
Steyer and his wife, Kat Taylor, have four children. Steyer posted this undated photo on his Facebook page in May 2016.
Tom Steyer
Los Angeles Mayor Antonio Villaraigosa watches Steyer speak out against a California ballot proposition in August 2010.
Los Angeles Mayor Antonio Villaraigosa watches Steyer speak out against a California ballot proposition in August 2010.
Anne Cusack/Los Angeles Times/Getty Images
Steyer and his wife, Kat. Steyer's net worth reached $1.6 billion this year, according to Forbes. He began amassing his fortune in 1986 when he launched his hedge fund Farallon Capital.
Steyer and his wife, Kat. Steyer's net worth reached $1.6 billion this year, according to Forbes. He began amassing his fortune in 1986 when he launched his hedge fund Farallon Capital.
Gabriela Hasbun/Redux
Steyer speaks at the Democratic National Convention in September 2012.
Steyer speaks at the Democratic National Convention in September 2012.
Alex Wong/Getty Images
Steyer is photographed in February 2014 at the San Francisco office of NextGen Climate Action, a political action committee he founded.
Steyer is photographed in February 2014 at the San Francisco office of NextGen Climate Action, a political action committee he founded.
Jason Henry/The New York Times/Redux
Steyer speaks at an October 2017 rally in San Francisco calling for the impeachment of President Trump.
Steyer speaks at an October 2017 rally in San Francisco calling for the impeachment of President Trump.
Jeff Chiu/AP
Steyer stands in front of one of the impeachment billboards he funded in New York's Times Square in November 2017.
Steyer stands in front of one of the impeachment billboards he funded in New York's Times Square in November 2017.
Spencer Platt/Getty Images
Steyer arrives to speak at a news conference in Washington in January 2018. He announced that he would spend $30 million to get young voters to the polls in the midterm elections.
Steyer arrives to speak at a news conference in Washington in January 2018. He announced that he would spend $30 million to get young voters to the polls in the midterm elections.
Carolyn Kaster/AP
Steyer has a Jerusalem cross written in ink on the back of his hand during a news conference in Washington in January 2018. Steyer starts every interview by drawing the pattern on the back of his hand, <a href="index.php?page=&url=https%3A%2F%2Fwww.politico.com%2Fmagazine%2Fstory%2F2018%2F05%2F29%2Ftrump-impeachment-democrats-steyer-pelosi-218548" target="_blank" target="_blank">Politico reported.</a> It's reminds him to be humble and tell the truth, he says.
Steyer has a Jerusalem cross written in ink on the back of his hand during a news conference in Washington in January 2018. Steyer starts every interview by drawing the pattern on the back of his hand, Politico reported. It's reminds him to be humble and tell the truth, he says.
Chip Somodevilla/Getty Images
Steyer and his daughter, Evi, attend the Iowa State Fair in August 2018.
Steyer and his daughter, Evi, attend the Iowa State Fair in August 2018.
Tom Steyer
Steyer stands next to California state Sen. Kevin de Leon, who is holding a copy of State Bill 100 after it was signed into law by California Gov. Jerry Brown in September 2018. SB100 sets a goal of phasing out all fossil fuels from the state's electricity sector by 2045.
Steyer stands next to California state Sen. Kevin de Leon, who is holding a copy of State Bill 100 after it was signed into law by California Gov. Jerry Brown in September 2018. SB100 sets a goal of phasing out all fossil fuels from the state's electricity sector by 2045.
Rich Pedroncelli/AP
Steyer attends a town-hall meeting in Ankeny, Iowa, in January 2019. He ruled out a presidential run in January but then started his campaign in July.
Steyer attends a town-hall meeting in Ankeny, Iowa, in January 2019. He ruled out a presidential run in January but then started his campaign in July.
Rachel Mummey/The New York Times/Redux
Steyer dances on stage with rapper Juvenile singing "Back That Azz Up" in Columbia, South Carolina. It was the day before the South Carolina primary in February 2020.
Steyer dances on stage with rapper Juvenile singing "Back That Azz Up" in Columbia, South Carolina. It was the day before the South Carolina primary in February 2020.
Mark Makela/Reuters