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Tom Steyer is dropping out of the Democratic presidential race.

The billionaire activist made the announcement Saturday night after a disappointing finish in the South Carolina primary. Joe Biden notched his first primary win in the state, while Democratic front-runner Bernie Sanders finished second.

Steyer said that at this point, “honestly, I can’t see a path where I can win the presidency.”

He said he got into the race because he didn’t think racial injustice was being addressed in the country. He said he will continue to work to address that issue. He also thanked his supporters and pledged that he would never forget South Carolina, where he focused most of his presidential efforts.

“The people who have endorsed me have stood up in a very red state where I have seen things that have broken my heart,” Steyer said.

He added: “I’m not leaving. We are already working to figuring out ways to make sure that we stay in South Carolina.”