Billionaire Tom Steyer, a major Democratic donor who has led a crusade to impeach President Donald Trump, said Wednesday that he will not seek the party's 2020 presidential nomination.
The news was first reported by The New York Times and confirmed NBC News. He was set to make the announcement in Iowa.
A California billionaire and former hedge fund chieftan, Steyer is one of the Democratic Party's most prominent donors and a major champion of climate change action. In recent months, he has focused his efforts on "Need to Impeach," his group aimed at building momentum to impeach Trump.
The Times reported that Steyer intends to spend at least $40 million on those impeachment efforts over the next year.
Steyer was one of a few wealth businessmen who are considering seeking the Democratic nomination. The others are former New York City Mayor Michael Bloomberg and Starbucks founder Howard Schultz.