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| One billionaire out: Tom Steyer bows out of Democratic presidential race after 3d place finish in South Carolina | |
| (31 minutes later) | |
| Billionaire activist Tom Steyer has given up on his presidential bid after failing to win any delegates in South Carolina, according to projections. Steyer has been accused of buying his way into the race, having spent millions. | |
| Steyer has dug deep into his own pocket, spending about $20 million of his own money in South Carolina alone in hopes to mount a 15 percent threshold, allowing him to win delegates in the fourth and final early voting contest before Super Tuesday. | |
| However, that was not to be, as Steyer is now projected to gain less than 12 percent of the vote in the primary, dominated by former Vice President Joe Biden. | |
| The news of Steyer, a former hedge fund manager from California and avowed environmentalist, dropping out of hte race comes as another billionaire vying for the Democratic nomination, former New York City mayor Mike Bloomberg, is still to test his support among the voters. | |
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