Billionaire Tom Steyer dropping out of Democratic race

Democratic Presidential candidate entrepreneur Tom Steyer talks with supporters as he leaves following his announcement that he is suspending his campaign at his election night party on the day of the South Carolina Presidential Primary in Columbia, South

Billionaire activist Tom Steyer is dropping out of the race for the Democratic presidential nomination after his disappointing finish in Saturday's South Carolina primary, networks said.

Steyer spent more than $20 million on advertising in South Carolina but was heading to a third-place finish behind former vice president Joe Biden and Vermont Senator Bernie Sanders.