Steyer won’t run for president in 2020

Tom Steyer, the billionaire environmental activist, said Wednesday he will not run for president and instead pump more money into his effort to remove Donald Trump from the White House.

Steyer detailed his plans in downtown Des Moines, one of several states where he’s launching a new round of ads as part of his multi-million-dollar TV and digital campaign calling for Trump’s impeachment.

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“We have a lawless president in the White House who is eroding our democracy and it is only going to get worse,” the 61-year-old former hedge fund manager from San Francisco said in a statement. “Donald Trump’s removal from power ultimately decides whether or not we can tackle every other challenge we face in America — and whether or not we continue to live in a democracy of, for, and by the people. It is past time for members of Congress to fulfill their constitutional duty. The question remaining is what will Congress do?”

Steyer has flirted with runs for office before, including for governor of California in 2018 and the Senate in 2016. But people close to him said this was most serious he’s ever been about running.

He has spent recent weeks working the phones and reshuffling staff, after spending more than $120 million in the midterm election cycle. While leaning toward a presidential run, Steyer also has been courting staffers and speaking with high-level operatives who could guide a campaign.

People familiar with his operation — groups with different names that are largely autonomous — said Kevin Mack, one of the architects of Steyer’s impeachment push, is splitting his time between the Bay Area and Washington.

Steyer has long harbored political aspirations; he spent years traveling the world sounding the alarm on climate change. But after Trump took office, he devoted more time to making himself the face of impeachment, dialing up pressure on fellow Democrats by generating 6.6 million signatures.

For all of his efforts, he’s struggled to build a national brand for himself and remains a virtual unknown in early polls. The location of his announcement turned some heads. As one Democratic operative put it, “Why go to Iowa and say you’re out?”

But Steyer, for his part, said he plans to invest another $40 million into the impeachment gambit, including more town halls in early states and supporting House investigations into Trump‘s actions.