Tom Steyer to drop out of presidential race after spending nearly $200 million: report

Politico and CNN are reporting billionaire investor Tom Steyer will suspend his presidential bid after a disappointing showing in the South Carolina primary.

Steyer spend over $22 million in advertising in South Carona, but is currently only in a distant third place as vote returns continue to come in.

"Billionaire Democrat Tom Steyer will drop out of the presidential race Saturday night after a disappointing result in the South Carolina primary, according to a person familiar with Steyer's decision," Politico reported Saturday night. "Steyer spent nearly $200 million on TV and digital ads after entering the race in July, according to Advertising Analytics, but he finished well behind the top Democratic contenders in each of the early states."