Billionaire activist Tom Steyer dropped out of the race for the Democratic presidential nomination on Saturday after a disappointing finish in the South Carolina primary. Steyer spent more than $20 million on advertising in South Carolina but was heading to a third-place finish behind former vice president Joe Biden and Vermont Senator Bernie Sanders. "We were disappointed with where we came out," Steyer said in a speech to supporters. "I said if I didn't see a path to winning I'd suspend my campaign," he said. "And I can't see a path where I can win the presidency." cl/acb