Tom Steyer, the billionaire environmental activist and San Francisco hedge-fund founder, said he is ending his Democratic presidential bid after pouring more than $250 million of his personal fortune into it.
“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,” Mr. Steyer said late Saturday, after coming in third in South Carolina’s primary, where he had spent much of his time and resources.