Steyer also sunk a significant amount of money — close to $60 million — into advertising in Super Tuesday states, where voters will go to the polls just days after the end of his campaign.

The billionaire’s campaign message focused on fighting climate change and Steyer’s position as a Washington outsider. He proposed term limits for members of Congress and overturning the Citizens United Supreme Court ruling. His vocal support of reparations for African Americans was a common refrain on the campaign trail and debate stage, which helped him attract ground support from black voters.

In South Carolina, where Steyer hedged his bets on a strong performance due to his inroads in the black community, he spent more than anyone had ever seen. According to FEC filings, in addition to millions on ads, Steyer also directed large amounts of money to black organizations and toward hiring influential black politicians. Steyer won the support of black validators in the state including Johnnie Cordero, chair of the Democratic Black Caucus, and Gilda Cobb-Hunter, one of the most influential black lawmakers in the state who has served in its legislature for nearly 30 years.

Still, Steyer was not able to break down Joe Biden’s firewall of black support in South Carolina. The former vice president made quick work of the Palmetto State on Saturday, finishing in first place with about half the vote and around two-thirds of the black vote. In the debate immediately before the South Carolina primary, Biden pushed Steyer on his investment firm's stake in private prisons, an investment Steyer said was a mistake.

Before he ran for president, Steyer bankrolled two significant outside groups: Need to Impeach, which was an early advocate for impeaching President Donald Trump, and NextGen America, an organization that worked to turn out young voters in an effort to boost Democrats.

Steyer severed his formal ties to both organizations after launching his presidential campaign, but he still committed millions to bankrolling their efforts.

Steyer’s political future is uncertain. The billionaire has long been rumored as a candidate for governor or other office in California, or he could return to one of his outside groups.